USA – Rain, a Los Angeles, CA-based provider of financial wellness products for employees, raised $115M in funding, encompassing $66M in equity and $50M in debt.
QED Investors and Invus Opportunities led the Series A with participation from firms including WndrCo, Tribe Capital, and Dreamers VC. The debt facility was arranged by Sound Point Capital Management, LP. The company intends to use the funds for continued expansion in the U.S. through investments in technology and infrastructure, employee and employer experience, and marketing.Led by CEO Alex Bradford, Rain provides earned wage access and other financial wellness benefits to hundreds of thousands of employees of middle market and enterprise companies across the US. Through the platform, employers can offer workers on-demand pay or earned wage access. This benefit, also known as “income streaming,” allows workers to access their pay shortly after completing a shift instead of waiting for a payday. The service is offered free to employers who provide it to their employees as a voluntary benefit. Employees pay a small fee similar to an ATM charge each time they withdraw their earned wages. To promote responsible use, employees are never able to withdraw more than 50% of gross earned wages per pay period.Rain integrates with existing payroll and timekeeping software used by many middle market and enterprise businesses and automates a payroll deduction flow with the vast majority of systems. It is an integrated marketplace partner of ADP, UKG, and SAP, and is SAP’s first and main earned wage access partner globally. 21/03/2023
