Rain, the employer-integrated earned wage access (EWA) and financial wellness app, has raised $75m in its Series B equity funding round.
The round saw significant leadership from Prosus and additional backing from Nextalia Ventures, Spark Growth Ventures, along with previous investors such as QED and Invus Opportunities.
The substantial investment comes as Rain continues to experience rapid growth since its establishment in 2019. The fresh capital aims to expand Rain’s market reach and develop new financial wellness solutions tailored for employees and employers alike.
Rain addresses the urgent financial needs of over 70% of American households that live paycheck to paycheck. By partnering with thousands of employers, Rain offers workers the ability to access their earned wages on demand. This innovative service helps reduce dependence on high-cost financial products like overdraft fees, payday loans, and high-interest credit cards by providing a safer and more responsible alternative.
The app integrates seamlessly with nearly every major payroll and timekeeping system in the U.S., simplifying the implementation process for HR departments and ensuring a smooth experience for employees. This integration not only enhances user satisfaction but also reduces the operational strain on HR and payroll teams.
With the new funding, Rain plans to extend its reach to thousands of new employers and millions of new employees across the U.S., enhancing its suite of tools that promote financial independence and employee engagement. These tools include a range of services from overdraft fee prevention to financial education, all designed to improve the financial health of workers.
Rain’s innovative approach has led to notable increases in job applications, productivity, and employee retention for its partnering employers, spanning industries such as healthcare, retail, and manufacturing.
Alex Bradford, Co-Founder and CEO at Rain, emphasized, “Rain is building the employee engagement app of the future centered around financial wellness. 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 U.S.”
Ali Esfahani, Head of Americas Investments at Prosus, added, “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.”
Additionally, Rain revealed its future plans to launch new savings and credit products, and an employer messaging tool, further diversifying its offerings to cater to the evolving needs of the modern workforce.
Since its inception, Rain has welcomed over 2.5 million employees and distributed more than $2bn in earned wages. The company previously announced its groundbreaking $116m Series A funding in March 2023, which was hailed as the largest in HR tech history.
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