The start-up has launched Financial Coaching in multiple languages and Salary Top Up to address the short-term financial needs of working professionals
Refyne, a financial wellness and salary on-demand start-up, has launched two solutions, Financial Coaching and Salary Top Up, for employees. This aligns with the company’s mission to provide a comprehensive financial wellness suite of solutions for workforces under one platform.
The fintech stated that one in three Indians lack a basic understanding of financial products and many do not have access to banks or affordable credit. With limited access to financial products coupled with poor financial knowledge, most resort to loan sharks, exposing them to cycles of debt.
Chitresh Sharma, chief executive officer and co-founder of Refyne, said, “In India, just about 27 per cent of people are considered financially literate and the rest lack even a basic understanding of how financial products work. This often leads to uninformed and poor decision-making when choosing liquidity options. Instant payday loans are luring because people do not understand the impact of the high-interest rates they charge. And hence financial education along with access to liquidity is crucial.”
With Financial Coaching, Refyne users can get one-on-one access to the Securities and Exchange Board of India (SEBI)-certified financial planners in their preferred language of communication. It can help them understand various aspects of managing finances by making the optimum use of available resources.
On the other hand, Salary Top Up will act as an additional line of liquidity, over and above salary on-demand, that users can unlock for more demanding financial needs. This product allows users to access up to 1.5 times their salary at zero interest payable over monthly installments.
With the launch of Salary Top Up and Financial Coaching, Refyne can now offer a holistic financial journey to users, arming them with sensible liquidity options and the financial know-how to make the right choice.”
Sharma stated that Refyne’s solution integrates seamlessly with the client’s preferred human resource (HR) management solutions. Once the employee places a request on the app, it is approved by the HR basis custom company policies.
Upon verification, the Salary Top is credited to the employee’s account and is auto-deducted from the following salaries in regular and easy monthly deductions. Employees can withdraw funds for a one-time transaction fee without hidden charges.
Apoorv Kumar, CTO and co-founder of Refyne, added, “Our new solutions are designed to foster holistic financial wellness of the Indian workforce, catering to their evolving credit needs and resulting in positive relationships between employers and employees.”
Since its launch in July this year, Refyne claims to have on-boarded over 3 million employees on Salary On-Demand, allowing them access to their earned but unpaid salary between pay cycles. It added that employers partnered with fintech over the past year have experienced a significant uptick in their retention and have tripled their hiring rate.
The company, founded in 2021, currently works with over 250 employers, which includes Teleperformance, First Meridian, First Source, Car Dekho, Tenon Group, Cloudnine hospitals, Rebel Foods, Acko, Practo, CCD, WNS Global, House of Hiranandani, Cars24 and Epigamia. Global investors like Tiger Global, QED Investors, ICICI Bank, Jigsaw VC, DST Global, RTP Global and XYZ Capital back the fintech.