Refyne raises $82 Million in its latest Series B round
Earned wage access platform Refyne that is owned and operated by Refyne Tech Pvt Ltd, has raised $82 million as a part of its Series B funding round led by Tiger Global Management.
While the company did not disclose the valuation, it confirmed that the new funds will be used towards product development, expansion of the team, and ramping up various business functions. With the latest fundraise, the company has raised around Rs 785 crore till date.
Chitresh Sharma, Co-founder and Chief Executive Officer of Refyne, said, “Most of our investment will go into making businesses and the industry understand what EWA is, and why it is a new concept, and how it is a financial wellness product. Secondly, we are doubling down on our product with overwhelming demands that we are getting and the idea is to have 3 million (users) on our platform by the year end.”
Refyne has partnered with more than 150 organisations and also claims to cater to over 700,000 employees. The company counts Practo, TeamLease, CARS24, Tenon, Shadowfax, Rebel Foods, Acko, BlackBuck, Arti Group and Cafe Coffee Day, among others, as its clients. Sharma said that while there are no direct competitors to Refyne’s platform in India currently, the company indirectly competes with loan sharks and unorganised moneylenders.
“There's a lot to be done in India. And when I say a lot, it is actually a lot. So, our focus will be to conquer and enable empowerment and/or financial wellness in the Indian market, which is huge, and that takes a lot of focus and resources,” Sharma added.
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