US Employers Are Rapidly Adopting Earned Wage Access solutions

Rain Secures $300 Million in Financing from Clear Haven Capital Management to Expand Innovative Financial Wellness Solutions

As 6-in-10 Americans Have Less than $500 in Savings, Rain Aims to Use Funding to Expand Earned Wage Access to Support More Everyday Americans
‍February 06, 2024 10:00 AM Eastern Standard Time
LOS ANGELES--(BUSINESS WIRE)--Rain, the financial wellness platform that helps companies give employees greater control over their finances, announced today it has secured $300 million in financing from Clear Haven Capital Management for a new credit facility. With this new funding, Rain now has more capital to service its growing customer base, allowing it to provide employees an easy way to access their earned wages in real-time, driving increased retention, job applications, and employee engagement.

Traditional pay cycles can often serve as a barrier to increasing savings and achieving financial well-being, and it is estimated that Americans spend over $170 billion waiting for their next paychecks. Rain’s financial wellness platform provides them convenient access to their hard-earned wages in real-time, whenever they work instead of waiting until payday. With the new round of funding, Rain will be able to scale this offering to even more employers seeking to adopt earned wage access as a benefit. Read More