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 staff entry their earned salaries in actual time.
Tiger International led Refyne’s $82 million Collection B funding, the 2 mentioned Wednesday. Current backers QED Buyers, companions of DST International, RTP International, Jigsaw VC and XYZ Capital additionally participated within the new spherical, which takes the one-and-a-half-year-old startup’s all-time elevate 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 NH2N in an interview that the valuation has surged 6.5 instances because the Collection A in June.
Refyne is constructing what is understood within the business as an earned wage entry platform, the place a hyperlink is established between reward and work. The startup works with employers to allow their staff 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 per week and withdraw a fraction of it anytime they want, as an illustration.
It’s not uncommon for individuals 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, method mortgage sharks. Refyne is serving shoppers who rent each white-collar and blue-collar staff, so for a lot of of them, a financial institution mortgage is unlikely an possibility.
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 right now to allow the service for his or her over 700,000 staff, Sharma mentioned.
Its shoppers right now function in a variety of classes, an element that Sharma mentioned requires Refyne to make use of totally different methods to finest serve every. “For manufacturing sector, we have now an on-ground staff that goes for orientation and induction. Seventy p.c of our effort goes earlier than deploying. For firms which might be geographically distributed, given the COVID instances, we additionally do a whole lot of Zoom orientation.”
In a press release, Alex Cook dinner, a associate at Tiger International, mentioned: “We imagine Refyne would be the most popular associate for big employers that wish to provide Earned Wage Entry. We’re excited to assist Chitresh, Apoorv and the Refyne staff, 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 influence on retention for the shoppers, and in serving to employers rent quicker,” Sharma mentioned, including that the startup was the primary and the biggest participant within the house. That has added accountability on Refyne to make the market conscious of EWA and quash some misconceptions, he mentioned.
“Some individuals confuse us with different types of credit score merchandise equivalent to payday lenders. So most of our effort might be in guaranteeing that the class is well-known whereas we proceed to develop our progress numbers,” he mentioned.
Sharma mentioned the startup is working frequently to enhance its service and constructing knowledge units to grasp how individuals behave to assist higher consider and challenge their creditworthiness. “Present credit score scoring seems to be at individuals’s previous habits to find out their future.”
The startup goals to serve 3 million staff by the tip of the yr and can be hiring in a number of roles.
“The assist and confidence that international traders equivalent to Tiger International have proven us is a testomony to our mission,” he mentioned.