Wednesday, April 17, 2024
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Fintech co Refyne launches salary top-up facility for employees


Refyne, a financial wellness and salary on-demand provider, has launched two new solutions– Financial Coaching and Salary Top Up –for employees. With this, Refyne will be able to provide a comprehensive financial wellness suite of solutions for workforces under one platform, it said.

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 the optimum use of available resources.

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. With Salary Top Up, users can access upto 1.5 times their salary at zero interest payable over monthly installments.

Chitresh Sharma, CEO & Co-Founder, Refyne, said, “In India, just about 27% 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 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.”

Refyne’s solution integrates with the client’s preferred HRMS seamlessly. 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 & co-founder, Refyne, added “At Refyne, our aim 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 foster holistic financial wellness of the Indian workforce, catering to their evolving credit needs and resulting in positive relationships between employers and employees.”

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

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

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