Total amount raised
$105.1 Million
Latest funding date
1/1/2022
Location
Refyne has successfully raised 3,000 Cr in funding over 4 funding rounds, with notable investors including Stride Ventures and RTP Global. The platform specializes in Earned Wage Access, providing a comprehensive financial wellness solution for modern workplaces.
Keep reading to explore the intricacies of Refyne's fundraising journey and the investors backing this innovative platform.
What Is Refyne?
Refyne, based in Bengaluru, Karnataka, India, is a pioneering platform in the financial services industry. It is recognized as India's first Earned Wage Access platform, aiming to simplify and improve personal finances for employees. The company has a significant workforce, with an employee count ranging from 501 to 1000.
As Asia's largest financial wellness platform, Refyne offers a comprehensive suite of financial services, including earned wage access, financial education, and various financial tools. The platform partners with over 500 organizations across 23 industries, supporting 11 languages and impacting over 1 crore lives.
How Much Funding Has Refyne Raised?
- Seed Round
- Amount Raised: $4,100,000
- Date: December 2020
- Lead Investors: Jigsaw VC, QED Investors
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish the company's core operations and begin scaling its services.
- Series A
- Amount Raised: $19,000,000
- Date: June 2021
- Lead Investors: DST Global
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop new products and expand the team.
- Series B
- Amount Raised: $82,000,000
- Date: January 2022
- Lead Investors: Tiger Global Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations, expand into new geographies, and enhance business functions.
- Debt Financing
- Amount Raised: $4,300,000
- Date: June 2025
- Lead Investors: Stride Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing operations and financial stability.
Total Amount Raised: $106,000,000. Current Valuation: Not publicly disclosed.
Key Investors
- Stride Ventures
- Details: Stride Ventures is a leading venture debt firm in India, providing customized debt solutions to startups and growth-stage companies. They have a strong focus on supporting innovative businesses with flexible financing options.
- Investment Focus Areas: Debt financing, startups, growth-stage companies
- Notable Investments: Not specified
- Tiger Global Management
- Details: Tiger Global Management is a New York-based investment firm known for its investments in technology and internet sectors. They have a significant presence in both private and public markets.
- Investment Focus Areas: Technology, internet, consumer sectors
- Notable Investments: Facebook, LinkedIn, Spotify
- DST Global
- Details: DST Global is a global investment firm that focuses on late-stage internet companies. They have a track record of backing some of the most successful tech companies worldwide.
- Investment Focus Areas: Internet, technology companies
- Notable Investments: Facebook, Twitter, Alibaba
- Jigsaw VC
- Details: Jigsaw VC is a venture capital firm that invests in early-stage technology companies. They aim to support innovative startups with the potential for significant growth.
- Investment Focus Areas: Early-stage technology companies
- Notable Investments: Various early-stage tech startups
- QED Investors
- Details: QED Investors is a venture capital firm focused on investing in early-stage, disruptive financial services companies. They have a strong emphasis on fintech innovations.
- Investment Focus Areas: Financial services, fintech
- Notable Investments: Credit Karma, SoFi, Avant
What's Next for Refyne?
Refyne is poised to capitalize on the burgeoning demand for financial wellness solutions, particularly in India's Tier 2 cities. With plans to expand its user base from 700,000 to 3 million employees, the company is well-positioned to leverage the growing interest in earned wage access (EWA) platforms. This expansion presents a significant opportunity for Refyne to enhance its product offerings and integrate with more companies' HRMS and ERP systems.
Future fundraising opportunities appear promising, with the potential for additional investment rounds to support further scaling and product development. The company's recent success in securing $82 million in Series B funding indicates strong investor confidence, which could pave the way for strategic partnerships and acquisitions to bolster its market presence.
However, Refyne may face challenges such as competition from other EWA providers and regulatory hurdles in securing an NBFC license. Ensuring seamless integration with various HRMS and ERP systems and maintaining high adoption rates will be crucial as the company navigates its growth trajectory. Despite these challenges, Refyne's innovative approach and robust market demand position it for continued success in the financial wellness sector.
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