US-based employer-integrated earned wage access (EWA) and financial wellness platform Rain has secured $75m in a Series B equity financing round, led by Prosus.
Other participants in the financing include Nextalia Ventures, Spark Growth Ventures, and existing investors like QED and Invus Opportunities.
Rain intends to use the funding to scale its market reach and develop new financial wellness solutions for employees and employers.
Rain co-founder and CEO Alex Bradford said: “Rain is building the employee engagement app of the future centered around financial wellness.
“Rain makes it easy for employers to give their employees the freedom to access and manage their earnings on their own terms.
“Thanks to the support from Prosus, Nextalia and other investors participating in this round, Rain is in a strong position to scale to thousands of new employers and millions of new employees across the US.”
Founded in 2019, Rain addresses the financial challenges faced by over 70% of American households living paycheck to paycheck.
The company partners with thousands of employers, allowing millions of workers to access their wages on-demand safely and responsibly, with multiple free options available.
Its integration with HR software systems simplifies implementation for employers and offers a seamless experience for employees.
The app is compatible with nearly every major payroll and timekeeping system in the US, reducing the operational burden on HR and payroll teams.
It serves various industries, including healthcare, hospitality, manufacturing, quick-service restaurants, and retail.
In addition to EWA, Rain offers a deposit account, debit card, overdraft fee avoider, bill reducer, tax filing tool, financial education portal, and in-app financial coaching, among others.
The company plans to launch savings and credit products and an employer messaging tool later this year.
Prosus Americas Investments head Ali Esfahani said: “The relationship between work and life is evolving, and independent financial flexibility is becoming essential for employees.
“Rain provides a solution that empowers workers, helps businesses thrive, and plays a fundamental role in this shift in workforce dynamics.
“We believe in their vision and are excited to be part of this journey as they continue to grow their business.”
Nextalia Ventures co-head Attilio Mazzilli said: “Rain has shown tremendous growth in terms of both acquiring well-known brands as customers and significantly expanding its impact on employees with a continually developing suite of powerful financial wellbeing tools beyond EWA.”
Last year, Rain secured $300m in financing from Clear Haven Capital Management for a new credit facility to support the service offering for its increased customer base.
