Refyne has raised a brand new financing spherical, simply seven months after securing its earlier funding, because the Bengaluru-based startup scales its platform that helps employees entry their earned salaries in actual time.
Tiger World led Refyne’s $82 million Sequence B funding, the 2 stated Wednesday. Present backers QED Traders, companions of DST World, RTP World, Jigsaw VC and XYZ Capital additionally participated within the new spherical, which takes the one-and-a-half-year-old startup’s all-time increase to $106 million.
Refyne didn’t disclose the way it was valued within the new spherical, however its co-founder and chief government Chitresh Sharma advised TechCrunch in an interview that the valuation has surged 6.5 occasions since the Sequence A in June.
Refyne is constructing what is understood within the trade as an earned wage entry platform, the place a hyperlink is established between reward and work. The startup works with employers to allow their employees to entry their earned salaries in actual time. An worker with the partnered agency can log into Refyne and see how a lot they’ve earned in every week and withdraw a fraction of it anytime they need, for example.
It’s not uncommon for folks to expire of money between their paychecks. In that second, they both take a mortgage from family and friends, or go to a financial institution or, in an alarmingly excessive variety of instances, strategy mortgage sharks. Refyne is serving shoppers who rent each white-collar and blue-collar employees, so for a lot of of them, a financial institution mortgage is unlikely an choice.
The concept — which has been put to check in a number of markets — seems to be displaying indicators of a market slot in India, the world’s second-most populous nation. Greater than 150 corporations — together with Practo, TeamLease, Tenon, Shadowfax, Insurgent Meals, Acko, BlackBuck, Arti Group and Cafe Espresso Day — are working with Refyne at the moment to allow the service for his or her over 700,000 staff, Sharma stated.
Its shoppers at the moment function in a variety of classes, an element that Sharma stated requires Refyne to make use of completely different methods to finest serve every. “For manufacturing sector, we have now an on-ground crew that goes for orientation and induction. Seventy % of our effort goes earlier than deploying. For corporations which are geographically distributed, given the COVID occasions, we additionally do loads of Zoom orientation.”
In an announcement, Alex Cook dinner, a associate at Tiger World, stated: “We imagine Refyne would be the most popular associate for giant employers that need to provide Earned Wage Entry. We’re excited to help Chitresh, Apoorv and the Refyne crew, as they work to enhance monetary wellness for the Indian workforce.”
The platform, which helps 12 languages and is appropriate with any human useful resource administration system and enterprise useful resource planning service, has had a “vital impression on retention for the shoppers, and in serving to employers rent sooner,” Sharma stated, including that the startup was the primary and the most important participant within the house. That has added accountability on Refyne to make the market conscious of EWA and quash some misconceptions, he stated.
“Some folks confuse us with different types of credit score merchandise reminiscent of payday lenders. So most of our effort might be in making certain that the class is well-known whereas we proceed to broaden our progress numbers,” he stated.
Sharma stated the startup is working frequently to enhance its service and constructing information units to grasp how folks behave to assist higher consider and challenge their creditworthiness. “Present credit score scoring seems to be at folks’s previous conduct to find out their future.”
The startup goals to serve 3 million employees by the top of the 12 months and can also be hiring in a number of roles.
“The help and confidence that world buyers reminiscent of Tiger World have proven us is a testomony to our mission,” he stated.