Rain, a leading provider of employer-integrated earned wage access (EWA) and financial wellness solutions, today announced the successful closing of its $75 million Series B funding round. The investment was led by Prosus, a prominent global technology investor, with significant participation from new investors Nextalia Ventures and Spark Growth Ventures, alongside existing investors QED Investors and Invus Opportunities. This substantial capital injection signals strong investor confidence in Rain’s mission to empower the American workforce with greater financial flexibility and well-being.

Founded in 2019 and headquartered in Los Angeles, Rain has rapidly emerged as a key player in the burgeoning EWA market. Their platform seamlessly integrates with existing employer payroll and HR systems, enabling employees to access a portion of their earned wages before traditional payday. This service addresses the critical need for financial flexibility, particularly for the over 70% of American households living paycheck to paycheck. By providing on-demand access to earnings, Rain helps employees avoid costly alternatives such as overdraft fees, payday loans, and high-interest credit cards.

The newly secured funding will be strategically deployed to accelerate Rain’s ambitious growth plans. Key areas of focus include:

• Scaling Go-to-Market Operations: Rain aims to significantly expand its reach across the United States, onboarding thousands of new employers and extending its services to millions of additional workers. This involves bolstering their sales and marketing efforts and forging strategic partnerships.
• Enhancing the Financial Wellness Suite: Beyond its core EWA offering, Rain is committed to building a comprehensive suite of digital financial wellness tools. The company plans to introduce new features such as savings solutions, credit-building tools, an employer messaging tool, and services to streamline Health Savings Account (HSA) spending and reimbursement. These additions aim to address the root causes of financial insecurity and promote long-term financial health among users.
• Deepening U.S. Market Presence: The funding will enable Rain to further invest in its technology infrastructure, enhance integration capabilities with employer systems, and expand its team with key hires. This will ensure a seamless and user-friendly experience for both employers and employees.

Rain’s impact on the employers and employees it serves has already been significant. The company reports impressive metrics, including a 200% increase in job applications, a 20-hour increase in average monthly work hours per employee, and a 46% improvement in employee retention after six months for companies utilizing their platform. To date, Rain has facilitated over $2 billion in earned wage access for more than 2.5 million users across various industries, including healthcare, retail, hospitality, and manufacturing.

Alex Bradford, Co-Founder and CEO of Rain, emphasized the company’s broader vision: “Rain is building the employee engagement app of the future centered around financial wellness.¹ 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,² echoed this sentiment, stating, “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.³ We believe in their vision and are excited to be part of this journey as they continue to grow their⁴ business.”

This Series B funding round marks a significant milestone for Rain Network and underscores the growing importance of earned wage access and financial wellness solutions in today’s evolving work landscape. With this substantial investment, Rain is well-positioned to accelerate its growth trajectory and positively impact the financial well-being of millions of American workers.

Key Highlights:

• Funding Amount: $75 million (Series B)
• Lead Investor: Prosus
• New Investors: Nextalia Ventures, Spark Growth Ventures
• Existing Investors: QED Investors, Invus Opportunities
• Founded: 2019
• Headquarters: Los Angeles, California
• Services: Earned Wage Access (EWA), Financial Wellness Tools (including savings solutions, credit-building tools, bill negotiation, tax filing support, financial coaching)
• Impact: Over $2 billion in earned wages distributed to over 2.5 million users. Reported benefits for employers include increased job applications (200%), improved productivity (20 more work hours/employee/month), and higher employee retention (46% improvement after 6 months).
• Future Plans: Scale go-to-market operations, enhance financial wellness suite with new savings and credit products, deepen U.S. market presence, and introduce an employer messaging tool.