Marqeta, a global modern card issuing platform, has partnered with Rain, a financial wellness benefits provider that assists companies in giving employees greater control over their finances.
This collaboration aims to streamline the disbursement of earned wages through the new Rain Card, a branded debit card.
The partnership between Marqeta and Rain addresses the growing demand from workers for simplified pay cycles and enhanced financial wellness. By integrating Marqeta’s card issuing technology with Rain’s financial wellness programs, the partnership aims to provide employees with immediate access to earned wages, thereby supporting better financial management and employee satisfaction.
Marqeta stands at the forefront of the FinTech industry with its modern card issuing platform, which is instrumental in developing embedded finance solutions globally. The platform supports a variety of payment products for tech giants and emerging innovators alike, facilitating instant access to payments and financial services.
On the other hand, Rain is dedicated to improving financial wellness by offering services that allow employees to gain earlier access to earned wages. This service is particularly beneficial in sectors with high turnover rates, such as healthcare and hospitality, where financial stress can impact employee engagement and retention.
Marqeta’s technology will enable the seamless integration of the Rain Card into employer programs, allowing for the immediate distribution of funds to employees’ debit cards. This capability is expected to expand into other offerings, such as secured and unsecured credit solutions and diverse employee rewards programs, further enhancing the financial options available to workers.
Marqeta CEO Alex Bradford said, “We are thrilled to partner with Marqeta and its world-class team and modern tech stack. Rain’s mission is to empower millions of workers to reach financial freedom. Marqeta will be a critical partner as we launch new products that enable our users to access their wages faster and more economically and that help them grow their cash flow and savings.”
Rain Chief Revenue Officer Todd Pollak said, “Whether for 1099 employees, staffing agencies or labor marketplaces, there is a massive opportunity for employers to offer accelerated access to wages. We’re excited to collaborate with Rain, a leading proponent of employee benefits, and the transformative potential they offer for reshaping the employee experience. This partnership enables us to expand our reach and empower more employers and workers with the advantages of faster wage distribution.”
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