Fintech co Refyne launches salary supplement for employees

With Financial Coaching, Refyne users can get one-on-one access to Sebi-certified advisors or CFPs in their preferred language of communication. This can help them understand various aspects of managing finances by making optimal use of available resources.

Payroll top-up will act as an additional liquidity line, beyond pay-on-demand, that users can unlock for more demanding financial needs. With Salary top-up, users can access up to 1.5 times their salary without interest over monthly installments.

Chitresh Sharma, CEO and Co-Founder, Refyne, said, “In India, about 27% 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 in choices of liquidity options. Instant payday loans are alluring because people do not understand the impact of the high interest rates they charge. And so financial education along with access to liquidity is essential.

With the launch of salary top-up and financial coaching, Refyne can now offer a holistic financial journey to users equipping them with sensible liquidity options and the financial knowledge to make the right choice.”

Refyne’s solution integrates seamlessly with the customer’s preferred HRMS. When the employee submits a request on the app, it is approved by HR-based custom company policies. Upon verification, the Pay Stop is credited to the employee’s account and is automatically deducted from the following salary in regular and simple monthly installments. Employees can withdraw funds for a one-time transaction fee, with no hidden costs.

Apoorv Kumar, CTO and Co-Founder, Refyne, added “At Refyne, our goal is to create affordable and innovative financial solutions that can help users curb their dependence on costly credit schemes and prevent them from falling into debt traps. Our new solutions are designed to promote holistic economic well-being of the Indian workforce, meet their evolving credit needs and result in positive employer-employee relationships.”

Since launch, Refyne’s flagship Salary On-Demand solution has enabled over 3 million employees to access their earned but unpaid salaries between pay cycles. Employers who have partnered with Refyne in the past year have experienced a significant increase in retention and have tripled their employment rate.

Refyne now supports 11 Indian languages ​​on the app and recently launched its solution on WhatsApp as well, becoming the first financial wellness company to do so.