Total amount raised
$105.1 Millions
Latest funding date
1/1/2022
Location
Refyne has successfully raised ₹3,000 Cr in funding, positioning itself as a significant player in the financial wellness sector. The platform offers a range of services, including Earned Wage Access and financial literacy programs, aimed at improving personal finances for employees.
Keep reading to explore the intricacies of Refyne's fundraising journey and the investors backing this innovative platform.
What Is Refyne?
Refyne, founded in 2020 by Apoorv Kumar and Chitresh Sharma, is headquartered in Bengaluru, Karnataka, India. The company is recognized as India's first Earned Wage Access platform, aiming to simplify and improve personal finances for employees.
Refyne partners with organizations to provide on-demand Earned Wage Access (EWA) to their employees. This service allows employees to access their earned salary before payday, offering financial advisory sessions, an employee purchase program, and gold savings options.
With a workforce of 501-1000 employees, Refyne continues to expand its reach, serving over 500 organizations and impacting the lives of millions of employees across Asia.
How Much Funding Has Refyne Raised?
- Seed Round
- Amount Raised: $4.1M
- Date: December 2020
- Lead Investors: Jigsaw VC, QED Investors
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support initial development and market entry.
- Series A
- Amount Raised: $19M
- Date: June 2021
- Lead Investors: DST Global
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support growth and expansion.
- Series B
- Amount Raised: $82M
- Date: January 2022
- Lead Investors: Tiger Global Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop products, hire additional staff, and boost business functions.
Total Amount Raised: $105.1M. Current Valuation: Not publicly disclosed.
Key Investors
- Tiger Global Management
- Details: Tiger Global Management is a New York-based investment firm known for its investments in technology and internet companies. The firm deploys capital in both public and private markets.
- Investment Focus Areas: Technology, internet, software, consumer, financial technology.
- Notable Investments: Facebook, LinkedIn, Spotify.
- QED Investors
- Details: QED Investors is a venture capital firm that specializes in investing in early-stage, disruptive financial services companies. The firm is known for its deep expertise in the fintech sector.
- Investment Focus Areas: Financial services, fintech.
- Notable Investments: Credit Karma, SoFi, Avant.
- DST Global
- Details: DST Global is a global investment firm that focuses on late-stage internet companies. The firm has a strong track record of backing some of the world's most successful tech companies.
- Investment Focus Areas: Late-stage internet companies.
- Notable Investments: Facebook, Twitter, Alibaba.
- Jigsaw VC
- Details: Jigsaw VC is a venture capital firm that invests in early-stage technology companies. The firm aims to support innovative startups with high growth potential.
- Investment Focus Areas: Early-stage technology companies.
- Notable Investments: Various early-stage technology startups.
- RTP Global
- Details: RTP Global is a global venture capital firm that invests in early-stage technology companies. The firm has a diverse portfolio spanning multiple sectors and geographies.
- Investment Focus Areas: Early-stage technology companies.
- Notable Investments: Delivery Hero, Yandex, Cred.
What's Next for Refyne?
Refyne's future is brimming with opportunities, particularly in expanding its services to Tier 2 cities and beyond. With the potential to serve over 3 million employees, the company is poised to tap into a vast market. The growing trend of real-time payments and the gig economy further amplifies the demand for their Earned Wage Access (EWA) platform.
As Refyne scales, future fundraising rounds seem inevitable. The involvement of high-profile investors like Tiger Global and QED Investors indicates strong investor confidence, which could facilitate additional capital to support their ambitious growth plans. However, challenges such as regulatory hurdles and competition from other EWA platforms could pose significant obstacles. Ensuring seamless integration with various payroll systems and maintaining service quality will be crucial as the company continues to expand.
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