The funding saw the participation of existing investors, including QED Investors, partners of DST Global, Jigsaw VC, XYZ Capital, RTP Global. UK-headquartered venture capital firm Digital Horizon is a new investor in the round, the company said in a statement.
Refyne’s valuation has reportedly jumped 6.5X since its Series A funding round of $16 million in June last year. The round had seen capital infusion from DST Global, RTP Global, QED Investors, Jigsaw VC and XYZ Capital.
With the latest investment, the startup’s total funding stands at nearly $106 million.
The startups plans to use the fresh capital raised for product development, expansion of its team, and to ramp up business functions, the statement added.
“We built Refyne on the notion that everyone should be able to manage their personal finances without the threat of falling into debt traps due to liquidity shortfalls between pay cycles. The support and confidence that global investors such as Tiger Global have shown us is a testament to our mission,” said Chitresh Sharma, CEO and Co-Founder, Refyne.
Founded in 2020 by Chitresh Sharma and Apoorv Kumar, Refyne partners with organisations to allow their employees – full-time and contractual – to access their real-time earned pay anytime before payday, enabling them to align their expenses with their income and build their financial stability.
The company has partnered with more than 150 organizations, catering to over 700,000 employees. It expects to reach more than 3 million employees in 12 months.
In less than a year, Refyne’s transacting user base has grown 68x and the platform recorded 165x increase in the number of transactions over the period, the company claimed.
Refyne’s angel investors and advisors include Indian fintech veterans Susir Kumar, founder of Intelenet, Bobby Mehta, chairman of Jones Lang Lasalle’s Board, former head of TransUnion and Allstate Corp., and private global venture capital investor and entrepreneur Oliver Jung.
Its partner companies include Practo, TeamLease, CARS24, Tenon, Shadowfax, Rebel Foods, Acko, BlackBuck, Aarti Industries, Cafe Coffee Day, among several others.