Refyne

Founded in 2020 by Chitresh Sharma and Apurv Kumar startup Refyne from India, provides local employees of companies with access to pre-salary loans. Refyne also helps partner employees manage their finances and use innovative ways to track, budget, spend, and save money. Employers can use the service to manage payroll payments for both employees and contract employees.

History

2022: Raising $82 million investment

Digital Horizon on January 14, 2022 announced that it had invested in Refyne, a company offering advance payments of part of its wages, in a $82 million round led by Tiger Global, QED Investors, partners DST Global, Jigsaw VC, XYZ Global and RTP Global.

With these funds Indian startup , he plans to scale his business and expand the team.

A joint study by Ernst & Young and Refyne found that 81% of employees face a lack of funds before payday. Refyne helps employees access money already earned before the employer transfers it. For its services, Refyne takes a one-time fee from each transaction - from 9 to 199 rupees (9-200 ₽).

People receive income once a month, and expenses occur every day. We are trying to correct this and help people avoid credit traps, "explains Chitresh Sharma, co-founder and CEO of Refyne.

As of January 2022, more than 700,000 employees can use Refyne services. The company expects that within 12 months this figure will exceed 3 million people.

Refyne collaborates with more than 150 organizations, including Practice, TeamLease, Cars24, Cafe Coffee Day, etc. For employers, having the opportunity to receive a salary "on request" is a great way to increase employee loyalty. According to Refyne, just six months after the launch of the service, its business customers noted a 37% increase in employee retention and a 2.7 times faster hiring.

{{quote 'author = said Alan Waxman, founder and managing partner of Digital Horizon. |

The financial world is changing: more and more alternatives to bank lending are emerging. Salary on Demand is one of the successful examples of how fintech can offer society fairer and less risky financing in the face of global uncertainty. Refyne team has proven itself in this niche in one of the most significant world markets - India,}}

2021: Raising $16 million, including from RTP Global

In mid-June 2021, Refyne's salary loan service announced the raising of $16 million. The investment round of series A headed Leonid's fund BoguslavskogoRTP Global, partners of DST Global and the existing investors of XYZ Capital, QED Investors, Jigsaw VC also invested in Refyne.

The fundraiser is organized just six months after Refyne raised $4.1 million in an initial round of funding in December 2020. The new funds will be used to expand the company's technology team and implement large-scale development initiatives.

Leonid Boguslavsky Foundation invested in Refyne Indian salary loan service

The need for affordability is more important today than ever before. We have seen the success of wage-on-demand companies around the world, and Refyne can revolutionize how employees manage their money. By providing a real affordable alternative to Refyne's "paycheck loans" will improve a person's financial health, said Nigel Morris, managing partner and co-founder of QED Investors.

In the five months since its launch, Refyne has partnered with nearly 100 companies and more than 300,000 employees in India. In fiscal 2021, the company plans to attract more than 1 million employees to use Refyne solutions. Refyne customers include CARS24, Rebel Foods, Cafe Coffee Day, Hira Group, Chai Point, Wow! Momo and others.

Refyne is a powerful and current financial solution created for the emerging middle class in the country. Thanks to Refyne, all employers can now significantly support their teams in the hours of greatest need, "said QED Investors partner Sandeep Patil.[1]

Notes