Rain is a startup offering an employer-integrated Wage Access (EWA) app, combined with financial wellness features such as overdraft alerts and spending trends, raising $75 million in the full Series B round.
The round was led by Prosus in a post-money valuation of $340 million. Rain plans to use the new fund to help add credit cards and store products on its roster.
Approximately 35% of households in the United States earn around 35% of their annual incomes under $50,000, and live their salary as their salary, according to a report by Bank of America (PDF), published in October.
The payer population from payroll increases with age and can be found everywhere in the US, but this report shows it is the highest in the South. Every other weekly salary can be difficult to wait when your bill is due on any day of the month.
The EWA platform allows employees to get a portion of their paychecks quickly and quickly for a small fee, making them less predatory than other Get-Cash-Now methods like high-profit payday loans.
Rain aims to attract employers who want to distinguish between their existence and help employees access the wages they earn between pay with automation.
“We are connected to all the major payroll and timekeeping systems and have built automated touring that makes it very easy for employers to put on their employers, so there is very minimal manual work through onboarding for employers.
Founded in 2019, the Los Angeles-based startup onboards more than 2.5 million employees and distributes wages over $2 billion. The Rain app says employers will also help keep employees up.
Rain targets customers in markets and businesses with over 300 employees. If you trade immediately, you will be charged a fee equivalent to an ATM fee (average about $3 per transaction). However, employees can also use the free ACH option. This will credit your account until the next business day.
However, startups don’t want to be another EWA app in a busy market. According to Bradford, it already offers a financial education portal, one-on-one financial coaching and free tax return and refund services via tax solutions providers.
Such services beyond EWA actually account for 70% of monthly adoption rates, with EWA at 30%.
“What success looks like to us over time is that users are saving more and more EWAs as they are saving more and more,” Bradford said.
Series B funding, which saw participation from Nextalia Ventures and Spark Growth Ventures, and existing investors in Rain, including QED, Invus opportunities, will help startups grow even further beyond simple EWA apps.
In Q3, the startup plans to launch an EWA Secureed Credit Card with dynamic credit limits based on confirmed wages earned from the employer’s pay system.
The startup is also working on a product rolling out later this year, making it easier for employees to use their Health Savings Account (HSA) by spending on any card and allowing them to refund. Additionally, later this year, savings accounts will be brought in features like Auto-Save and Rewards.
Rain’s funding is among the signs of a more favorable environment for fintech ecosystems, which have seen almost flat growth in recent years. Funds including Ribbit Capital are raising more money, but valuations are falling despite startups including Plaid raising a decent sized round of $575 million.
Venture funding for global fintech companies fell 45% year-on-year to $50 billion in 2023, with similar funding levels recorded last year. So far in 2025, $13.1 billion has been raised by global fintech startups. However, the average transaction size increased 20% year-on-year to $2,194 million from $18.27 million in 2024. In particular, in the EWA space, venture capital also increased 19% from the previous year to $569 million.
Unlike employer-integrated platforms such as Rain, employee-side EWA platforms such as Earnin have faced regulatory crackdowns over “predatory” loans over the past few months. Rain’s approach to enabling savings and economic awareness, along with providing an EWA from the employer’s side, helps it stand out.
“Building a more comprehensive platform for financial wellness products certainly helps us realize our mission, which is to help millions of people ultimately follow the path to financial freedom,” Bradford said.
The 175-employee startup is competing in the market by building sales teams and investing in sales realization and marketing and channel partnerships. They also plan to invest more in the tools to make it more convenient for employers to manage their services.
In 2023, Rain raised a $116 million Series A funding round, accounting for $66 million in equity and $50 million in debt.