Refyne Tech, a Bengaluru based startup that enables corporate employees to access earned wages in real-time, has raised $16 million in a Series A funding round led by partners of DST Global and RTP Global.
Existing investors QED Investors, Jigsaw VC and XYZ Capital joined the round, the company said in a statement on Wednesday. QED Investors and Jigsaw VC had led the company’s $4.1 million seed round in December last year.
With the latest infusion, the total capital raised by the company now stands at $20.1 million, according to VCCEdge.
The Series A capital will be deployed to expand the technology team and scale growth initiatives, the company said.
The company was founded last year by Chitresh Sharma and Apoorv Kumar. It partners with corporate employers to provide a plug-and-play software solution to enable employees to withdraw their earned salaries at any time of the month prior to payroll day.
Refyne claims to already be catering to more than 100 companies and 300,000 employees in India. The solution is free for organisations and integrates seamlessly with any existing HRMS and ERP service. Some of Refyne’s clients include CARS24, Rebel Foods, Cafe Coffee Day, Hira Group, Chai Point, and Wow! Momos among others.
“The need for financial inclusion is more important today than ever before,” said QED Investors managing partner and co-founder Nigel Morris.
“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,” he added.