The Fintech start-ups created a remarkable impact on the payment methods alias in accessing our own money. In India, getting your pay check before the due date is a mirage. Even though people require the money desperately, they cannot access their wage before the salary day. Only once in a blue moon, they avail themselves of this chance. Now, this issue will no longer exist. Because of this unicorn company Refyne.
Refyne is a real-time early wage access solution start-up. Provides early salary access to the employees before the month-end. The start-up earns revenue by adding transaction costs from Rs.9 to Rs.199. This unique concept has attracted many clients and investors towards it.
CEO Sharma said that the employees can access a particular percent of their salary before the payday. For example, if an employee works for 15 days, he/she can access that money even before payday.
This idea is familiar to the world. The McDonald’s franchise allowed early wage access to its employees through the instant pay app in the year 2017. This seamlessly enhanced the relationship between employer and employee. It also linearly improved the growth of the organization. Similarly, Uber implemented instant wage access for the Uber drivers in Canada through the app play fare, where the wages are accessible even on weekends and holidays.
Western countries utilize this type of policy to ensure their growth. But the Indian market noticed this type of solution from the year 2020. Thus, Refyne is a unique start-up in India and the first EWA company.
This One-year-old start-up has over 100+ clients. Which include cars24, wow momo, Rebel foods, and Cafe Coffee Day. They have also raised $82 million in a round led by private equity firm tiger global. Refyne plans to invest the raised capital in expanding its technological environment by hiring more staff. Growth acceleration is another area where the start-up is planning to incest the current funding. By the end of the current financial year, the start-up aims to serve 1 million workers in India.
The birth story of refyne is quite interesting. When the world faced economic crises, this organization used it effectively. The mass unemployment and increasing debts have forced everyone to introspect and relook at some of the national and organizational policies.
Thus, it made sense for them to continue ideating, pitching, convincing, and building the tool not just for others but for them. Refyne’s origin story is rooted in resilience.
Refyne is a powerful data tool used to analyse and understand employee job satisfaction and uncover staff productivity trends that directly link to the organization’s development. The no-cost solution effortlessly integrates with any payroll software, while companies enjoy zero workflow disruptions.
Our country is the home of the world’s largest unbanked population. Only a few percent of people have access to formal credit. The pandemic situation has encountered many people into a terrible financial crisis. This type of instant early wage access concept is highly beneficial for the low-grade employees who face cash crunch at mid and the end of the month. Refyne has now reduced the burden through its unique solution. It enables anyone to tackle financial issues at any point in time easily.
“You don’t get paid for the hour, you get paid for the value you brought in that hour. “
This quote perfectly defines the value of the developed idea.