Bengaluru based startup Refyne raises $82 million in Series B round of funding
- ByTejika Bajaj | January 13, 2022
Bengaluru based startup Refyne has recently revealed that it has raised a sum of $82 million through its Series B round of funding led by New York based investment firm Tiger Global. The round also witnessed participation from a series of existing investors including QED Investors, partners of DST Global, Jigsaw VC, XYZ Capital, Digital Horizon and RTP Global.
With the recent round of capital infusion, the startup intends to utilize the funds to scale, expand into new geographies as well as develop fresh products. Furthermore, the salary on demand startup intends to raise awareness about its product and expand its team size by hiring more people to its 85-employees team. The valuation of the startup has jumped 6.5X post this round of funding.
Talking about the recent round of fundraise, the partner at Tiger Global, Alex Cook stated, “We believe Refyne will be the preferred partner for large employers that want to offer Earned Wage Access. “We are excited to support Chitresh, Apoorv and the Refyne team, as they work to improve financial wellness for the Indian workforce.”
Founded by Chitresh Sharma and Apoorv Kumar, Refyne operates in a B2B2C (business to business to consumer) model and allows employees to withdraw their salary prior to their pay day at a nominal cost. The startup has partnered up with 150 organisations including Practo, Cars24, Café Coffee Day amongst others which allow their employees to access their salaries prior to the payday. The Earned Wage Access (EWA) also known as on-demand pay allows the employees to get a portion of their accumulated portion.
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