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About Rain Technologies
Industries
Fintech
Financial Services
Company Size
201-500
Company Stage
Debt Financing
Total Funding
$428.6M
Headquarters
Nashville, Tennessee
Founded
2019
Overview
Company Does Not Provide H1B Sponsorship
Rain Technologies offers a financial wellness platform that gives employees instant access to their earned wages. By integrating with existing payroll systems, it allows employers to provide this service as a free voluntary benefit. The company generates revenue from employees who opt for faster transfer options, making it cost-effective for employers. Rain's goal is to reduce financial stress for employees, thereby increasing job satisfaction and productivity, particularly in industries with high turnover rates.
Simplify's Take
What believers are saying
- Partnership with Marqeta expands Rain's reach with branded debit cards.
- Rain's recognition at HR Tech Awards boosts its credibility and market position.
- Secured $300 million financing to expand financial wellness solutions.
What critics are saying
- Increased competition from eCommerce and ridesharing platforms in earned wage access.
- Potential regulatory changes could impose new compliance costs on Rain.
- Dependency on Marqeta's platform may limit Rain's service flexibility.
What makes Rain Technologies unique
- Rain offers instant access to earned wages, enhancing employee financial control.
- The platform integrates seamlessly with existing payroll systems, ensuring ease of use.
- Rain's service is free for employers, making it an attractive employee benefit.
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Funding
Total Funding
$428.6M
Above
Industry Average
Funded Over
3 Rounds
Benefits
Unlimited Paid Time Off
Health Insurance
Dental Insurance
Vision Insurance
Life Insurance
Disability Insurance
Parental Leave
Phone/Internet Stipend
Stock Options
Growth & Insights and Company News
6 month growth
↓ -1%1 year growth
↓ -1%2 year growth
↓ -5%Earned wage access (EWA) is expanding platforms, including the eCommerce and ridesharing mainstays that rely on drivers for deliveries and trips, and the FinTech providers that offer enterprises new financial capabilities. In some cases, letting users get an advance on their pay comes via acquisition, and in other cases, the move has been done through partnerships that build out the range of services accessible via the platforms. Demand for on-Demand Pay
LOS ANGELES--(BUSINESS WIRE)--Rain, the financial wellness platform that helps companies give employees greater control over their finances, today announced that it has been named a winner in the “Best Innovative or Emerging Tech Solution” in the “Total Rewards and Employee Wellbeing” category by Lighthouse Research Advisory at the HR Tech Awards. Rain is recognized for providing earned wage access to millions of employees across the U.S. and giving them greater control over their financial wellbeing. “Employers wanting to give employees a fighting chance in their finances are looking at tools that provide earned wage access. Rising inflation and other costs have created financial constraints on a large portion of the overall workforce, but companies like Rain are working to remedy that. Rain provides a technology that enables workers to access their earned wages before payday, giving them flexibility and a way to cover their expenses without taking costly loans that steal from their financial future,” said Ben Eubanks, Chief Research Officer, Lighthouse Research Advisory
Card issuing platform Marqeta has launched a partnership with U.K.-based, entrepreneur-focused digital bank OakNorth. The collaboration will see Marqeta offer a commercial card for OakNorth’s business banking clients, with the Marqeta platform giving these customers a better view of the finances, the companies said in a news release Wednesday (April 24). “Traditional banking products aren’t always a fit for the specific needs of small- and medium-sized businesses, lacking the flexibility that they need in pivotal periods of growth and expecting them to fit into a one-size-fits-all solution,” Todd Pollak, Marqeta’s chief revenue officer, said in the release
When is a loan not a loan?. That is, in one sense, the question at the heart of proposed new federal legislation around earned wage access (EWA) that is coming on the heels of multiple states debating their own regulations in the absence of substantial federal rules around EWA products. EWA, also referred to as early, instant or on-demand pay, is gaining popularity, granting employees access to their earned wages before their regularly scheduled payday. But EWA products, which are not classified as loans and therefore are not subject to state consumer lending and usury laws, have drawn scrutiny for their fees and opacity
Marqeta is expanding its earned wage access program with assistance from financial wellness provider Rain. The card-issuing platform announced its collaboration with Rain Thursday (April 18), with Marqeta powering the Rain Card, a branded debit card that lets employers easily disburse earned wagers onto the cards. “Over 60% of Americans are living paycheck-to-paycheck and seeking ways to take control of their finances,” the companies said in a news release
Rain Technologies is Hiring for 3 Jobs on Simplify!
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About Rain Technologies
Industries
Fintech
Financial Services
Company Size
201-500
Company Stage
Debt Financing
Total Funding
$428.6M
Headquarters
Nashville, Tennessee
Founded
2019
Rain Technologies is Hiring for 3 Jobs on Simplify!
Find jobs on Simplify and start your career today