Bangalore based earned wage access solutions provider, Refyne has now secured $82 million in a Series B funding round led by Tiger Global Management.
Some of the returning investors, which include XYZ Capital, DST Global, Jigsaw VC, and RTP Global, also participated in the funding round.
Digital Horizon also participated in the funding round.
The announcement of the funding comes within the months of Refyne $16 million Series A funding round which closed in the month of June 2021. The company has also seen a six times jump in the valuation from the previous round, though it declined to comment on the exact numbers.
The latest round takes the total equity capital secured by the Refyne to around $106 million within 10 months of being operational.
The company will now be going to use the new funds for team expansion, product development and ramp-up business functions.
Refyne was founded by Chitresh and Apoorv Kumar in the year 2020, as it works on a B2B to Consumer model where the services are offered by a company to its employees as a part of the payroll.
It can be integrated with the company existing HR management system and enterprise resource planning service. It also provides a vendor management system and attendance management system for large enterprises to scale the EWA for off roll and on-roll employees.
“Often the payday loan apps and other lenders do not disclose the multiple overheads such as processing fee, early payment fee or late payment fee etc. Often they allocate more money than necessary to the customers,” Chitresh Sharma, Co-founder and CEO of Refyne told in a report. Since EWA is not a loan, Refyne does not charge interest or processing fees.
He further added, “We let employees access part of their unpaid, accrued salary earned by them any time within 60 seconds. This solves liquidity issues for these employees and has improved the retention for the companies we work with by nearly 30 percent.”