June 10, 2021
Why QED invested in Refyne
In the latest installment of the series, QED Investors Partner Sandeep Patil explains why we invested in Refyne at the seed and Series A rounds. Refyne is a powerful, pertinent financial solution created for the emerging middle class in India.
We recently announced our investment into Refyne, the first company in India to provide earned wage access, and are thrilled to be partnering with Chitresh, Apoorv and the team.
Refyne represents a pertinent and powerful solution for a universal problem. Earned wage access liberates workers from onerous pay-day loans and informal lending while still providing them affordable means to meet their immediate needs and wants. For employers, Refyne not only is a way to provide for the financial well-being of their employees, but also makes good business sense of higher retention and loyalty.
In solving for the financial distress of the middle class, Refyne is a proposition that will resonate across the country. The pandemonium and travesty over the last two years further underline the urgency for a solution like Refyne.
Chitresh and Apoorv are an outstanding energetic team. They are an amazing sponge for information while being thoughtful and confident. They have rapidly advanced on product and technology and they have been imaginative and resourceful in setting up the business for scale. Most importantly, they are gathering a great committed team.
Over the last few months, we have been amazed by Refyne’s rapid ascension from beginning to code to piloting with several employers across industries, to signing up large employers and being poised for growth. We are excited by what lies ahead for this company and are eager to help them get there.
QED brings with it global experience in helping entrepreneurs build and scale financial technology businesses. We have invested in several earned wage access platforms in the U.S., the U.K. and Latin America – experience and insights from which will be further helpful. We could not be more enthusiastic to welcome Refyne into our QED family.