Debt financing
On-demand salary provider Refyne secures Rs.35-Cr from Stride Ventures
Bengaluru-based fintech soonicorn Refyne has secured INR 35 crore (around USD 4 million) in debt from Stride Ventures through the issue of Series A debentures. The new funds will be used to meet the firm’s working capital requirements.Founded in 2020 by Chitresh Sharma and Apoorv Kumar, Refyne is an earned wage access (EWA) platform, which enables employees to access their earned salaries on-demand. It also offers learning material on improving personal finance, and tools for planning long-term financial health.
Between Dec 2020 and Jan 2022, Refyne had attracted about USD 102 M from PE-VC investors.For FY24, Refyne had reported about INR 49 Cr in Operating Income and about INR 34 Cr in Net Loss.
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