Refyne, a startup that helps workers access their earned salaries in real time, has raised a new financing round seven months after securing its previous funding.
The two said that Tiger Global led Refyne's $82 million Series B funding. The new round of funding took the startup to $106 million and was led by QED investors.
The valuation of Refyne has surged since the Series A round in June, according to the co-founder and chief executive.
Refyne is building an earned wage access platform, where a link is established between reward and work. The startup works with employers to allow their workers to access their earned salaries in real time. An employee with a partner firm can log into Refyne and see how much they have earned in a week and withdraw a portion of it at their discretion.
It is not uncommon for people to run out of cash between paychecks. They can either take a loan from friends and family or go to a bank and approach loan sharks in that moment. For many of Refyne's clients, a bank loan is not an option because they hire both white-collar and blue-collar workers.
The idea seems to be showing signs of a fit in India, the world's second-most populous nation. More than 150 firms are working with Refyne today to enable the service for their over 700,000 employees.
Refyne has to use different strategies to best serve each of its clients because they operate in a wide range of categories. There is an on-ground team that goes for orientation and insturment in the manufacturing sector. 70% of our effort goes before deployment. We do a lot of zoom orientation for companies that are geographically distributed.
Chitresh and Apoorv co-founded Refyne. Refyne is the image credit.
Refyne will be the preferred partner for large employers that want to offer Earned Wage Access, according to Alex Cook, a partner at Tiger Global. Chitresh, Apoorv, and the Refyne team are working to improve financial wellbeing for the Indian workforce.
The platform, which supports 12 languages and is compatible with any human resource management system and enterprise resource planning service, has had a significant impact on retention for the clients, and in helping employers hire faster. Refyne has added responsibility to make the market aware of the fact that the Ewa is a myth.
People confuse us with other credit products. He said that most of the effort would be in ensuring that the category is well-known.
The startup is working to improve its service and build data sets to understand how people behave to help better evaluate and project their creditworthiness. Current credit scoring looks at people's past behavior to determine their future.
The startup wants to serve 3 million workers by the end of the year and is hiring in many roles.
He said that the support and confidence that global investors such as Tiger Global have shown is a testament to their mission.
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