Rain, an Earned Wage Access (EWA) company, has recently announced that it has raised $116 million in funding. This funding round was led by Acrew Capital, with participation from existing investors such as Bain Capital Ventures, JAWS Ventures, and others. This funding will allow Rain to expand its services and reach more employees who need access to their earned wages before payday.
Earned Wage Access is a financial service that allows employees to access their earned wages before their scheduled payday. This service is becoming increasingly popular as more and more people struggle to make ends meet between paychecks. According to a recent study, 78% of American workers live paycheck to paycheck, and unexpected expenses can cause financial stress and hardship. EWA services like Rain provide a solution to this problem by allowing employees to access their earned wages when they need them.
Rain’s platform allows employees to access up to 50% of their earned wages before payday. This service is free for employees, and employers can choose to cover the cost or pass it on to their employees. Rain’s platform also includes financial wellness tools and resources to help employees manage their money and improve their financial health.
Rain’s funding round comes at a time when EWA services are gaining popularity and attention from investors. In 2020, EWA companies raised over $1 billion in funding, and this trend is expected to continue as more employers recognize the benefits of offering this service to their employees.
Rain’s CEO, James Herbert, stated that the funding will be used to expand Rain’s services and reach more employees who need access to their earned wages. He also emphasized the importance of financial wellness and education, stating that Rain’s platform will continue to provide resources and tools to help employees improve their financial health.
In conclusion, Rain’s recent funding round is a testament to the growing demand for Earned Wage Access services and the potential for these services to improve the financial health of employees. With this funding, Rain will be able to expand its services and reach more employees who need access to their earned wages before payday. As more employers recognize the benefits of EWA services, we can expect to see continued growth and innovation in this space.
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