Earned wage access (EWA) platform Refyne has announced that it has raised $20.1M in a Series A funding round. The round saw participation from new investors DST Global and RTP Global along with existing investors Jigsaw VC and QED Investors. XYZ Capital also participated in the funding round.
The Bengaluru-based platform will use the fresh funds raised to augment the technology team and to support growth initiatives.
Chitresh Sharma, CEO and Co-founder, said, “We are delighted to be supported by some amazing investor partners in our journey. While we are aware of the responsibilities on our shoulders, having amazing stakeholders on board helps us move faster and stronger.
Times like Covid have shown that Refyne’s offerings and culture DNA share the umbilical cord of resilience. We believe we have found a great product-market fit, and, more importantly, a great team that believes in the mission of creating a positive impact on the lives of millions of people.”
Speaking on the investment, QED Investors Managing Partner and Cofounder – Nigel Morris said, “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.”
“This round represents our first investment in India, and we couldn’t be more excited to partner with a world-class team that is solving important societal and financial problems on a daily basis. We’ve seen the success of earned wage access companies across the globe, and I have no doubt that Refyne will have an immediate and significant impact,” added Morris.
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.