Refyne
Overview
Refyne is a financial wellness platform based in Bengaluru, India. Founded in 2020 by Apoorv Kumar and Chitresh Sharma, Refyne offers Earned Wage Access (EWA) services, allowing employees to access their salaries before the payday. As of 2025, Refyne has raised approximately $106 million in funding, majorly backed by prominent investors like Tiger Global Management and XYZ Venture Capital. The platform is designed to cater to large-scale enterprises, empowering employees with financial stability by aligning their income with expenses and reducing dependence on costly credit schemes.
Recent Developments
- June 2025: Refyne secured INR 35 crore debt from Stride Ventures through the issuance of Series A debentures, allocating the funds to meet working capital requirements and general corporate purposes.
- May 2025: The company reported a standalone net loss reduction to INR 33.9 crore in FY24 from INR 46.2 crore in the previous year, alongside attaining an operating revenue of INR 49 crore.
- April 2025: Refyne expanded its senior leadership team by appointing Harsh Sharma, Parag Murudkar, and Padmakumar Nayar to enhance enterprise partnerships, consumer marketing, and operations respectively.
- 2024-2025: Refyne continued to grow its user base and service offerings, integrating financial coaching and adding a Salary Top Up feature.
- 2025: The platform maintained a 125% quarter-on-quarter growth rate, positioning itself as the largest financial wellness platform in Asia.
Company Information
| Attribute | Information |
|---|---|
| Founding Date | 2020 |
| Headquarters | Bengaluru, India |
| Founders | Apoorv Kumar, Chitresh Sharma |
| Revenue | ₹59.7 crore as of March 31, 2024 |
| Profits | Net loss of INR 33.9 crore in FY24 |
| Key Investors | Tiger Global Management, XYZ Venture Capital |
| Industry | Financial Wellness, Earned Wage Access |
| Number of Employees | 149 as of April 30, 2025 |
Early History
Refyne began its journey in 2020 amid the growing need for financial empowerment tools that allow employees to manage cash flow effectively. Established by Chitresh Sharma and Apoorv Kumar, the startup aimed at addressing the liquidity crunch faced by employees between pay cycles. Within a year of inception, Refyne launched its Salary On-Demand product, leading the charge in the Earned Wage Access sector in India. With early backing from Tiger Global and a host of venture capitalists, Refyne quickly expanded its network across various sectors, garnering significant traction and strategically embedding its solutions into numerous corporate payroll systems.
Company Profile and Achievements
Refyne operates on a B2B2C model, partnering with enterprises to allow real-time wage access to their employees. The platform ensures data privacy and seamless integration with existing HR systems:
- 2021: Raised $82 million in a Series B round to enhance product offerings and geographical expansion.
- 2023-2024: Partnered with over 200 corporates, catering to over 3 million employees, a testament to its scalable and adaptable model.
- Expansion of Product Line: Introduced Financial Coaching and Salary Top Up to broaden financial wellness resources available.
- Clientele in Diverse Industries: Includes Cars24, Rebel Foods, and Practo, supporting various sectors from healthcare to automotive.
- Technology and Accessibility: Launched solutions on WhatsApp and supported 11 Indian languages to enhance accessibility and user engagement.
Current Operations and Market Position
As of 2025, Refyne stands as a leader in the financial wellness industry with substantial influence across Asia. Its platform is pivotal in providing financial literacy and access to funds without necessitating traditional credit checks. The company's strategic alliances and innovative product expansions continue to bolster its market position. Notably, Refyne's approach to engaging users through night-time availability distinguishes it as a flexible solution for emergencies, thus significantly contributing to employee retention and satisfaction.
Conclusion
Refyne exemplifies rapid growth and innovation within the financial technologies sector, substantially impacting workforce financial wellness in India. The platform's cutting-edge Earned Wage Access service empowers employees and mitigates the common financial stress faced due to delayed pay cycles. Moving forward, with its current trajectory and strategic investments, Refyne is well-positioned to further entrench its dominance in the financial wellness domain and expand its reach across international markets, continuing to drive significant advancements in financial inclusion and employee financial health.