A younger Indian startup that’s betting that earned wage access solutions will take off within the South Asian nation stated on Wednesday it has closed a brand new spherical from high-profile traders.
Bangalore-based Refyne stated on Wednesday that it has raised $16 million in Collection A from companions of DST International and RTP International. The startup additionally disclosed that it raised a $4.1 million seed spherical in December from Jigsaw VC and QED Buyers and XYZ Capital, all of whom additionally participated within the new spherical.
TechCrunch reported final month that Refyne was in talks with RTP International to boost cash.
Refyne works with employers to let their staff entry their earned salaries in real-time. As an illustration, an worker might see how a lot they’ve earned in per week and withdraw a fraction of it anytime they need.
The concept, defined Chitresh Sharma, co-founder and chief government of Refyne, is that many people in India run out of money by the top of the month after which some find yourself taking loans on not so favorable phrases to make ends meet. “An worker ought to have the choice to entry their very own earnings at any time,” he advised TechCrunch in an interview.
It’s an idea that has taken off in a number of markets — with many main employers equivalent to Uber and McDonald’s providing this flexibility to their workforce — however is but to be examined in India. Earlier on Monday, Indonesian startup Wagely announced a $5.5 million fundraise to check this concept within the Southeast Asian market.
Sharma, a third-time founder, stated Refyne’s plug-and-play software program is aimed toward all sizes of employers, and the platform can profit blue-collar in addition to white-collar staff.
“The necessity for monetary inclusion is extra vital immediately than ever earlier than. As the primary firm in India to offer earned wage entry, Refyne can revolutionise the way in which thousands and thousands of staff handle their cash. By offering an actual, inexpensive different to payday loans, Refyne won’t solely enhance an individual’s monetary well being, however it would add management for the patron and dramatically cut back the stress on those that fear about assembly their monetary obligations,” stated QED Buyers Managing Companion and Co-Founder Nigel Morris, in an announcement. That is QED’s first funding in India.
Over 100 corporations in India are already utilizing Refyne’s platform, serving over 300,000 staff. A few of the shoppers embrace Insurgent Meals, Cafe Espresso Day, Hira Group, and Chai Level.
It is a growing story. Extra to observe…