A younger Indian startup that’s betting that earned wage access solutions will take off in the South Asian nation mentioned on Wednesday it has closed a brand new spherical from high-profile traders.
Bangalore-based Refyne mentioned on Wednesday that it has raised $16 million in Series A from companions of DST Global and RTP Global. The one-year-old startup additionally disclosed that it raised a $4.1 million seed spherical in December from Jigsaw VC and QED Investors and XYZ Capital, all of whom additionally participated in the brand new spherical.
TechCrunch reported final month that Refyne was in talks with RTP Global to increase cash.
Refyne works with employers to let their workers access their earned salaries in real-time. An worker can test Refyne and see how a lot they’ve earned in every week and withdraw a fraction of it anytime they need.
The concept, defined Refyne’s co-founder and chief government Chitresh Sharma, is that many people in India run out of money earlier than their subsequent payday after which some find yourself taking loans on not so favorable terms to make ends meet.
“An employee should have the option to access their own earnings at any time,” he instructed TechCrunch in an interview.
“When faced with a mid-month liquidity crunch, the apparent options for employees to access quick cash include payday loans or micro-credit schemes. However, these instruments often carry predatory pricing, which further exacerbates employees’ debt obligations and mental wellness,” the startup mentioned.
It’s an idea that has taken off in a number of markets — with many main employers akin to Uber and McDonald’s providing this flexibility to their workforce — however is but to be examined in India, the place on paper, earned wage access concept ought to work as a good portion of the working pressure stays on a shaky monetary footing. Earlier on Monday, Indonesian startup Wagely announced a $5.6 million fundraise to take a look at this concept in the Southeast Asian market.
Sharma, a third-time founder who returned to India to begin Refyne, mentioned the startup’s plug-and-play software program is aimed toward employers of all measurement, and the platform can show useful to blue-collar in addition to white-collar workers.
“The need for financial inclusion is more important today than ever before. As the first company in India to provide earned wage access, Refyne can revolutionise the way millions of workers manage their money. By providing a real, affordable alternative to payday loans, Refyne will not only improve a person’s financial health, but it will add control for the consumer and dramatically reduce the stress on those who worry about meeting their financial obligations,” mentioned QED Investors Managing Partner and Co-Founder Nigel Morris in a press release. This is QED’s first funding in India.
Over 100 firms in India are already utilizing Refyne’s platform, serving over 300,000 staff. Some of the shoppers embody Rebel Foods, Cafe Coffee Day, Hira Group, and Chai Point.
Refyne plans to deploy the recent capital to broaden its technology group and speed up its progress.
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By the top of the present monetary yr, it goals to serve 1 million workers in India.