Refyne

Refyne is India’s first and largest earned wage access (EWA) and financial wellness platform. Refyne partners with employers to enable real-time salary access for their employees, helping them avoid high-cost payday loans and manage unexpected expenses without falling into debt traps. By 2024, Refyne had impacted over 10 million lives, processed 30 lakh quarterly transactions and facilitated more than 10 lakh financial literacy interactions.

Core Products and Services

• Earned Wage Access (Salary On-Demand): Allows employees to instantly access a portion of their accrued salary before payday, with no disruption to payroll and no interest or processing fees for withdrawals.

• Financial Wellness Suite: Includes financial literacy modules, budgeting tools and personalized financial health insights delivered via the Refyne app.

• Pocket Insurance: Micro-insurance offerings, such as layoff cover and income stream guarantees (up to ₹10,000/month).

• Short-term Credit: Pre-qualified, slab-based personal loans for larger needs, with transparent eligibility and no predatory pricing.

• Employer Dashboard: Real-time analytics for HR teams to monitor workforce financial health, engagement and benefit utilization.

• Plug-and-Play Integration: Rapid deployment (as fast as 24 hours) with existing HRMS/ERP systems, minimizing employer friction and IT overhead.

Key milestones and recognitions

• Raised a total of $106 million in funding within its first 14 months, including an $82 million Series B led by Tiger Global in January 2022.

• Partnered with over 200 organizations, serving more than 1 million employees across India, including marquee names like Practo, Cars24, Rebel Foods, Cafe Coffee Day, Acko and BlackBuck.

• Achieved a 68x increase in transacting users and a 165x surge in transactions within its first year of operation, underscoring rapid product-market fit and demand for EWA.

• Recognized as Asia’s largest financial wellness suite, with a strong focus on Tier 2/3 city penetration and financial inclusion.

Business Model & Revenue Streams

• Subscription Fees (Employers): Employers pay a monthly subscription (₹2,000–₹15,000, depending on organization size) for platform access and employee enrollment.

• Transaction Fees (Employees): Employees pay a small, slab-based convenience fee per EWA transaction; there are no interest charges or hidden fees.

• Pay-per-Use Add-ons: Optional services like financial wellness training or personalized planning, charged on a per-use basis.

• Insurance and Credit Products: Revenue from micro-insurance and short-term credit, subject to eligibility and regulatory guidelines.

Customer segmentation

• B2B: Employers across sectors (IT, manufacturing, services, logistics, healthcare)

• B2C: Employees (white- and blue-collar, contractual and full-time), with a focus on the emerging middle class and gig workforce.

Top Clients & Partnerships

• NBFC and Banking Partners: Back-end financing for EWA and credit products.

• Digital Horizon, QED Investors, DST Global, RTP Global, Tiger Global: Strategic investors providing capital, network and governance.

• HRMS/ERP Integrators: Technology partners for seamless employer onboarding and payroll integration.

Future Outlook & Strategic Priorities

• Product Innovation: Launching advanced financial wellness features, including Refyne Score (proprietary financial health metric) and expanded insurance offerings.

• Geographic Expansion: Scaling to new markets in South and Southeast Asia, targeting unbanked and underbanked populations.

• Deeper Employer Penetration: Targeting large enterprises and MSMEs, aiming to double the active user base by FY27.