Fintech platform Refyne has raised $82 million in its Series B funding led by Tiger Global. The platform enable employees to withdraw their earned salary in real time before the payment is due, thus reducing debt traps by providing instant access to earned salary.

The Earned Wage Access (EWA) solution provider said the since its beginning it has raised a total of $106 million.

"We built Refyne on the notion that everyone should be able to manage their personal finances without the threat of falling into debt traps due to liquidity shortfalls between pay cycles," said Chitresh Sharma, CEO and Co-Founder, Refyne.

The latest funding round was joined by existing investors QED and partners of DST Global, among others and the company has partnered with more than 150 organizations, catering to over 700,000 employees.

In less than a year, Refyne's transacting user base has grown 68x and the platform recorded 165x increase in the number of transactions.

The funds will be used for product development, expansion of the team, and to ramp up various business functions, said the company.