Rain Raises $75 Million Series B Led by Prosus to Expand Earned Wage Access to Millions of American Workers

Rain has enabled over 2.5 million workers across all industries to access their earnings instantly after each shift

SANTA MONICA, Calif.--(BUSINESS WIRE)--Rain, the employer-integrated earned wage access (EWA) and financial wellness app, announced today it 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, Invus Opportunities, and others.

Following consistently high growth since its founding in 2019, this funding will help Rain scale its go-to-market machine and build new employee financial wellness solutions and new employer solutions.

Over 70% of American households live paycheck to paycheck, with many living week to week or day to day. 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 in a safe and responsible way, with multiple free options. Rain reduces employee financial stress and has already saved workers hundreds of millions of dollars by helping them avoid costly financial alternatives.

Rain integrates with its employer partners’ HR software systems; Rain is integrated with nearly every major payroll and timekeeping system in the United States, making it simple for employers to implement and seamless for employees to use. These integrations provide a fast and reliable user experience while also reducing the operational burden on HR and payroll teams.

“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 U.S.,” says Alex Bradford, Co-Founder and CEO at Rain.

“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.

After adopting Rain, 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 6 months). Rain’s customer base spans a wide range of industries, including healthcare, retail, hospitality, manufacturing, and quick-service restaurants.

Rain is the one-stop-shop app for financial wellness and employee engagement. In addition to EWA, Rain offers other products including a deposit account and debit card, an overdraft fee avoider, a bill reducer, a tax filing tool, a financial education portal, in-app 1x1 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 innovative savings and credit products, and an employer messaging tool.

“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 Nextalia Ventures.

Since launching in 2019, Rain has onboarded over 2.5 million employees and distributed over $2 billion in earned wages. Rain announced its $116 million Series A funding round in March 2023 ($66 million equity and $50 million in debt), which was the largest in HR tech history.

About Rain

Rain is the trusted leader in employee-centric financial wellness solutions, serving middle-market and enterprise organizations nationwide. Through a comprehensive suite of offerings, including earned wage access and other financial wellness benefits, Rain seamlessly integrates with any organization's existing infrastructure, providing the flexibility essential for effective financial management. Rain’s mission is to empower employees to reach financial freedom. At Rain, financial freedom means being able to afford everyday life without stressing about pay dates or pay cycles. Visit www.rainapp.com to learn how to elevate your workforce's financial well-being with Rain.

About Prosus

Prosus is a global consumer internet group and one of the largest technology investors in the world.

Operating and investing globally in markets with long-term growth potential, Prosus builds leading consumer internet companies that empower people and enrich communities.

The group is focused on building meaningful businesses in the online classifieds, food delivery, payments and fintech, and education technology sectors.

Through the Prosus Ventures team, the group invests in new technology growth opportunities within AI, social and ecommerce platforms, fintech, B2B software, logistics, health, blockchain, agriculture and more.

The team actively backs exceptional entrepreneurs who are using technology to improve people’s everyday lives.

Each month, more than 2 billion customers across the globe use the products and services of companies that Prosus has invested in, acquired or built. To find out more, please visit www.prosus.com.