Rain, the employer-integrated earned wage access (EWA) and financial wellness app, has raised $75 million in Series B equity funding. The round was led by Prosus, with additional participation from Nextalia Ventures, Spark Growth Ventures, and existing investors, including QED and Invus Opportunities. This funding will help Rain scale its go-to-market machine and build new employee financial wellness and employer solutions.
Traditional pay cycles often leave workers waiting for their wages while facing immediate financial obligations, increasing reliance on predatory products such as overdraft fees, payday loans, and high-interest credit cards.
Rain solves this problem by partnering with thousands of employers and empowering millions of workers to access their wages on demand, with multiple free options.
It integrates with its employer partners’ HR software systems, including nearly every major payroll and timekeeping system in the United States.
“Rain is building the employee engagement app of the future centered around financial wellness,” co-founder and CEO Alex Bradford said. “Rain makes it easy for employers to give their employees the freedom to access and manage their earnings on their 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 U.S.”
“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,” said Ali Esfahani, head of Americas Investments at Prosus.
Rain said employers see measurable results, including spikes in job applications (+200%), productivity (20 more worked hours per month), and employee retention (+46% less likely to leave after six months). Rain’s customer base includes healthcare, retail, hospitality, manufacturing, and quick-service restaurants.
In addition to EWA, Rain offers a deposit account and debit card, an overdraft fee avoider, a bill reducer, a tax filing tool, a financial education portal, in-app 1×1 financial coaching, an AI-powered financial wellness and job support agent, an off-cycle payments tool, and an employee rewards tool. Later this year, the company is planning to launch savings, credit, and employer messaging tools.
“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,” said Attilio Mazzilli, co-head of Nextalia Ventures.
Since launching in 2019, Rain has onboarded more than 2.5 million employees and distributed north of $2 billion in earned wages.