India: Tiger Global leads $82m funding in earned wage access platform Refyne

Refyne Founders

Bengaluru-based earned wage access (EWA) platform Refyne has raised $82 million in its Series B funding round led by New York investment firm Tiger Global Management, it announced on Wednesday.

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.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.