Refyne Bags INR 35 Cr Debt for Earned Wage Access Platform
Indian fintech startup Refyne has secured INR 35 Cr (approximately $4 Mn) in debt funding through the allotment of 3,500 Series A debentures at INR 1 Lakh each. The earned wage access (EWA) platform, founded in 2020, enables employees to access their earned salaries on-demand.
Refyne, backed by Tiger Global, reported a standalone net loss of INR 33.9 Cr on an operating revenue of INR 49 Cr in FY24. The funding will support the company’s growth in the EWA space, providing employees with more financial flexibility.
The EWA platform has gained traction as it addresses the immediate financial needs of employees, allowing them to access their earned wages before payday. This service is particularly beneficial in times of financial uncertainty or unexpected expenses.
Refyne’s ability to secure debt funding highlights the confidence of investors in the fintech sector, particularly in innovative solutions like EWA. As the company continues to grow, it is likely to play a significant role in shaping the future of salary access services in India.
Source: INC42
