Refyne: Leading India into Financial Inclusion
It’s no secret that we love the Earned Wage Access (EWA) category with three announced investments in different geographic markets. We not only think it is important in the pursuit of financial inclusivity for all, but we also believe that it is a universal product that speaks to employees and employers alike on a global scale. Whether it be in the UK, LatAm, or SEA, it is a powerful tool for individuals to gain liquidity for themselves and their loved ones and for employers to improve retention and productivity, and more importantly, create better work cultures.
We deeply believe in the EWA mission and that’s why it has been such a joy to work so closely with the team over at Refyne, India’s first & largest EWA. Chitresh and Apoorv are proven operators who have grown their transacting user base ~70x in less than a year, which goes to show the deep and unmet need for liquidity and the simplification of personal finances on a mass and accessible scale. Over 150 of their customers today enable their employees to access a portion of their accrued but unpaid salary any time before payday through their platform. Refyne now serves 700,000 lives and expects to reach 3,000,000 by the end of the year.
The strength of the solution lies in its robust integrations into any existing HR system or ERP as well as the rich and intuitive set of user functionalities. This is critical because it enables Refyne to be zero-cost and risk-free for enterprises and employees to build a better, fuller image of their financial health. In a world where it is far too easy to fall prey to costly credit schemes and debt traps, Refyne empowers an individual to be in control of their financial stability. This is the reality that Chitresh and Apoorv are building for India and is a vision we firmly believe can be replicated across markets.
We’ve been believers in the Refyne team and the EWA category since Day 1 and are proud to announce that we’ve participated in every funding round including the most recent $82M Series B led by Tiger Global with participation from us, QED, and DST Global. In addition, Refyne has crafted a stellar set of angel investors and advisors including our good friends Susir Kumar, Founder of Intelenet, and Bobby Mehta, Chairman of Jones Lang Lasalle’s Board, Former Head of TransUnion and Allstate Corp. If you are interesting in joining a mission driven team, read more here: https://refyne.co.in/careers.html
