Roehl Niño Bautista · · 1 min readTiger Global leads $82m series B round of Indian early-wage access firm
India-based Refyne, an earned-wage access (EWA) platform, has raised US$82 million in a series B round led by Tiger Global, with new investor Digital Horizon also joining in.
Reyne co-founders Chitresh Sharma (left) and Apoorv Kumar / Photo credit: Refyne
Refyne, which was founded by CEO Chitresh Sharma and CTO Apoorv Kumar in 2020, claims to have pioneered EWA services in India, giving employees an option to access accrued income (or income they’ve already earned) without having to wait for payday.
The company’s latest round brings its total funds raised to US$106 million to date, and its series B proceeds will be used to develop its product, expand its team, and ramp up the firm’s business functions.
“Refyne has been on a hypergrowth trajectory, and the series B will help scale our business to build financial inclusivity in the workplace and eliminate predatory lending,” said Sharma.
The platform addresses a specific pain point: In India, 81% of employees experience shortages in their finances in between paydays. Currently, Refyne caters to at least 700,000 employees from around 150 companies.
Other investors in this round include:
- QED Investors
- Partners of DST Global
- Jigsaw VC
- XYZ Capital
- RTP Global
Editing by Miguel Cordon and Jaclyn Tiu
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