Refyne is India's first Earned Wage Access platform that allows employees to withdraw their earned salary on-demand without interest, addressing mid-month cash flow issues and unexpected expenses. The platform integrates with HR systems to provide a secure, RBI-compliant solution that enhances financial wellness for over 8 million users across 500 organizations.
Funding
$106M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
TGFounders
Product
Problem
Many employees face cash flow challenges between paychecks due to unexpected expenses or financial needs, leading to stress and potential reliance on high-interest loans or other costly solutions. Traditional payroll cycles do not offer the flexibility to access earned wages when needed, creating a gap in financial well-being.
Solution
Refyne provides an Earned Wage Access (EWA) platform that integrates with an organization's existing HRMS to allow employees to withdraw a portion of their earned but unpaid salary on demand. This enables employees to cover immediate expenses without resorting to debt or payday loans. The platform offers a suite of financial wellness tools, including expense tracking, financial literacy resources, and investment options, to promote better financial habits. Refyne's solution aims to improve employee satisfaction, reduce financial stress, and increase employee retention for participating organizations.
Target Audience
Refyne targets employers and HR departments looking to enhance their employee benefits package and improve workforce financial wellness, as well as employees seeking greater control over their earned wages and access to financial tools.
Features
- On-demand access to earned salary with zero interest charges
- Integration with existing HRMS for seamless data synchronization and payroll deductions
- Digital KYC for paperless onboarding and secure transactions
- Scan & Pay feature for direct UPI payments from the Salary On-Demand account
- Gold savings investment options starting from ₹10
- Pocket Insurance for coverage against family emergencies and income loss
- Personal Finance Manager for expense tracking and budgeting
- Financial tools including PF tracker and tax calculator
- Refyne PRO subscription for unlimited free transactions
- Refyne Rewards program offering discounts and cashback on transactions
- Employee purchase program with discounts on electronics and gadgets
- Available in 11 languages