Rain provides employers a benefit that can be offered to employees to access their earned wages. This benefit has already been rolled out for companies like Walmart and Uber. Our mission is to regrow individual freedom by giving people control over their income and finances. We are killing predatory financial products like payday loans and overdraft fees.
We’re backed by QED, a leading venture capital firm based out of Alexandria, Virginia, which has invested in notable companies like Credit Karma, ClearScore, Creditas, and many more. Our founders are highly experienced and excited about bringing greater financial freedoms to workers and being a large part of the movement to end payday loans with high-interest rates.
Last year, Americans spent $170B while waiting for their next paycheck. Fees for payday loans, credit cards, overdrafts, and low balances add up. 63% of Americans who are living paycheck-to-paycheck are stuck in this debt trap and could benefit from early wage access.
How does Rain work?
Rain is free and easy for employers to implement. When an employer agrees to work with Rain, employees are invited to download the free Rain Instant Pay app from the Apple or Google app store. The employees will have early access to portions of their wages. Rain keeps its lights on by charging a small transaction fee, similar to an ATM fee.
Will you join us in our fight to end predatory financial practices and promote financial health?
We’re backed by QED, a leading venture capital firm based out of Alexandria, Virginia, which has invested in notable companies like Credit Karma, ClearScore, Creditas, and many more. Our founders are highly experienced and excited about bringing greater financial freedoms to workers and being a large part of the movement to end payday loans with high-interest rates.
Last year, Americans spent $170B while waiting for their next paycheck. Fees for payday loans, credit cards, overdrafts, and low balances add up. 63% of Americans who are living paycheck-to-paycheck are stuck in this debt trap and could benefit from early wage access.
How does Rain work?
Rain is free and easy for employers to implement. When an employer agrees to work with Rain, employees are invited to download the free Rain Instant Pay app from the Apple or Google app store. The employees will have early access to portions of their wages. Rain keeps its lights on by charging a small transaction fee, similar to an ATM fee.
Will you join us in our fight to end predatory financial practices and promote financial health?
Location: United States, California, Santa Monica
Employees: 201-500
Total raised: $300M
Founded date: 2019
Investors 4
| Date | Name | Website |
| 09.03.2024 | Redefine V... | redefineve... |
| 23.03.2024 | Spark Grow... | sparkgv.co... |
| 11.05.2024 | TMT Invest... | tmtinvestm... |
| 05.10.2023 | VU Venture... | vuventurep... |
Funding Rounds 1
| Date | Series | Amount | Investors |
| 07.02.2024 | - | $300M | - |
Mentions in press and media 13
| Date | Title | Description |
| 16.09.2024 | Every Day Is A Payday: Netchex Enables Clients to Offer Employees Control Over Their Finances With Instant Access to Earned Wages | Netchex Earned Wage Access Netchex adds Earned Wage Access (EWA) solution, which allows employees to access their wages as soon as they earn them without waiting for payday COVINGTON, La., Sept. 16, 2024 /PRNewswire-PRWeb/ -- Netchex, a lea... |
| 28.07.2024 | Top resource for brewery owners | Running a successful brewery in today’s competitive market requires a combination of passion, skill, and the right resources. As a brewery owner, staying well-informed and ahead of industry trends is essential to maintain an edge. From asso... |
| 24.07.2024 | Rain’s Commitment to Comply with CFPB’s Emerging Interpretive Rule | - |
| 21.06.2024 | Rain Plans to Raise More Capital | - |
| 01.05.2024 | Rain Named Best Innovative or Emerging Tech Solution Winner at 2024 HR Tech Awards | - |
| 24.04.2024 | Smartlinx Partnership Leads YAD Healthcare to Rain | - |
| 18.04.2024 | Marqeta and Rain Team to Offer Earned Wage Access Debit Cards | - |
| 07.02.2024 | USA-based Rain raises USD 300 million in financing | Los Angeles, USA-based financial wellness platform Rain, helping companies give employees greater control over their finances, raised USD 300 million in financing. The round took place on February 5, 2024. from Clear Haven Capital Managemen... |
| 07.02.2024 | Rain Secures $300M in Financing | Rain, a Los Angels, CA-based financial wellness platform, raised $300M in financing. Clear Haven Capital Management provided the new credit facility. With the new round of funding, the company will be able to scale this offering to even mor... |
| 06.02.2024 | Rain Raises $300M | Los Angeles-based Rain, a developer of financial services provided to employees to allow them to access a line of credit before they are paid, says it has raised $300M in a financing round. The funding came in the form of a credit facility ... |
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