Chitresh is the CEO and Cofounder of Refyne, Asia’s biggest Earned Wage Access (EWA) solution for the Indian workforce.
Refyne is an Indian financial services firm. Earned Wage Access was created to alleviate financial tension in businesses by simplifying and improving personal finances. Refyne’s salary on-demand service enables workers to access their earned salary when they need it the most. Employees can use the service without incurring additional costs to the business. Refyne also offers financial coaching to company employees, allowing them to learn how to manage their money and make informed financial choices while reducing stress.
Refyne’s earned wage access has become a game changer in the Indian financial market in less than a year since its debut, allowing workers to monitor, spend, save, and budget their real-time earned salary.
Chitresh understood the difficulties that salaried people face when attempting to meet day-to-day expenses. He dug deep into study and quickly discovered that, among other things, the lack of formal education in personal finance resulted in individuals frequently falling prey to loan sharks and payday lenders, exposing themselves to a quick but costly solution.
Refyne was founded in the year 2020 with the goal of creating a company that would leave a social effect, empower organisations and their workers, and transform them into advocates for financial resilience and independence.
Employees, both salaried and contract, can use the app to monitor and access a part of their real-time pay at any time before payday. Its low-touch technology is free to employers and integrates seamlessly with their current payroll procedures.
He chose to pursue a Master’s degree in International Marketing at the University of Strathclyde in Glasgow in 2012, where he co-founded Swipii, a digital cashback reward platform for shoppers. What he learned about the benefits of EWA there aided him in the development of Refyne, a one-stop answer for employee financial wellness.
Employees’ financial stress was exacerbated by the pandemic, with many depending on high-interest emergency loans, which added to their concerns. The shock of working from home after lockdowns exacerbated this stress for many paid workers. Though financial difficulties were always prevalent, they have become more pronounced in recent years. There was a convergence of physical, mental, and financial stress, which impacted employees’ job efficiency. These insights into the employees’ financial situations aided us in developing a better solution to meet their financial needs in the form of EWA.
Employers can help their employees combat these conditions by enabling them to access their earned wage/salary in real-time through Refyne.
Refyne has partnered with over 200 businesses and served one million employees in less than a year of operation.
Refyne is a credit score-agnostic product, which means that any employee, independent of credit history, can use it. To help users achieve a level playing field, we created a proprietary score called Refyne score, which takes into account other factors such as job progression, work performance, and so on, assisting them in building a favorable credit profile. This gives them even more access to financial goods.
Refyne began with a small crew and few resources. However, due to its innovative solution that addressed a major pain point for millions of employees, the company rapidly gained market traction.
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