Employee-centric financial wellness solutions provider Rain has secured $300m in financing from Clear Haven Capital Management for a new credit facility.
The new financing will enable the fintech company to have more capital to service its increase customer base.
It will enable Rain to offer employees a seamless way to access their earned wages in real-time, facilitating increased retention, job applications, as well as employee engagement.
Besides, the new funding will allow Rain to extend its offering to even more employers seeking to implement earned wage access as a benefit.
Clear Haven Capital Management managing partner Mark Simmer said: “Clear Haven is proud to commit $300m in funding to Rain as part of its dedication to empowering both employers and employees to thrive in challenging economic circumstances and embark on a more resilient financial wellness journey.
“Rain’s unwavering mission to transform the financial wellness landscape by granting employees access to their earned wages perfectly aligns with Clear Haven’s vision for a more inclusive and equitable financial future.”
Based in the US, Rain is said to easily integrate into any organisation’s existing infrastructure through a suite of offerings, including earned wage access and a variety of financial wellness benefits. These provide the flexibility needed for effective financial management.
The firm’s pay-on-demand capability enables employees to get daily payments by paying a nominal fee with each transaction, akin to an ATM charge. This empowers employees with better financial management and helps them steer clear of overdraft charges and high-interest loans.
Rain chief operating officer Fred Choquette said: “With this $300m in funding from Clear Haven, we’ll expand our reach and further fulfil our mission to empower all Americans to live the life that they can afford to live, protected from predatory fees and lending products.
“By giving employees access to their hard-earned wages when they need them the most, we’re alleviating the reliance on financial products that further push them into debt.”
