Refyne, a platform that allows employees to draw their salaries on demand, announced a new funding round of $82 million led by New York-based investment firm Tiger Global.
Existing investors such as QED Investors, DST Global partners, Jigsaw VC, XYZ Capital, and RTP Global participated in the financing. According to the company, Digital Horizon is a new investor who has joined the team.
Earned Wage Access (EWA), also known as on-demand pay, allows employees to access a portion of their accumulated wages before payday, with the remainder paid on the regular salary day. For example, an employee earning Rs 30,000 per month can withdraw Rs 10,000 in the middle of the month to cover an unexpected expense and receive the remainder of his or her salary at the end of the month.
According to Chitresh Sharma, cofounder and CEO of Refyne, the startup intends to use the new capital for scaling, expanding into different geographies, developing more products, spreading product awareness, and hiring more people to supplement its current 85 employees.
Sharma, however, did not disclose the valuation post the funding but did say that it has jumped 6.5x from its Series A funding of $16 million in July.
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