Indian FinTech Refyne has raised $16m from a Series A funding round led by RTP Global and partners of DST Global.
Founded in 2020, Refyne partners with companies to extend on-demand Earned Wage Access to their employees to let them access their earned salaries in real-time. Through Refyne, employees are able to check how much they have earned in a week and withdraw a fraction of it whenever they choose.
According to TechCrunch, more than 100 companies are already using Refyne’s platform and serve over 300,000 employees. Clients of Refyne include Hira Group, Chai Point, Café Coffee Day and Rebel Foods.
Refyne claims it intends to use the new funding to expand its technology team and accelerate its growth. The company added that by the end of the financial year, it is aiming to serve over 1 million workers in India.
Last year, Refyne raised $4.1m in seed funding from investors Jigsaw VC, XYZ Capital and QED Investors. All three investors participated in the recent round.
QED managing partner and co-founder Nigel Morris said, “The need for financial inclusion is more important today than ever before. As the first company in India to provide earned wage access, Refyne can revolutionise the way millions of workers manage their money. By providing a real, affordable alternative to payday loans, Refyne will not only improve a person’s financial health, but it will add control for the consumer and dramatically reduce the stress on those who worry about meeting their financial obligations.”
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