Overdraft alerts and expenditures have collected $ 75 million in an All-Equity Series B Round, offered to offer an employer-combined wage access (EWA) with financial well-being.
This round led by Prosus was in evaluation after $ 340 million. Co-founder CEO Alex Bradford, exclusively told TechCrunch that rain planned to use new funds to add credit cards and conservation products to its roster.
About 35% of families in the United States are going to live salary with annual income below $ 50,000 -more than 32% in 2019, more than every 32% per Report (PDF) The Bank of America is published in October.
Pachec-to-Pachec population grows with age and can be anywhere in the United States, though this report indicates that they are the highest in the south. Bilaterally pay -pacchs can be hard to wait when there are bills any day of the month.
The EWA platforms allow employees to get a portion of their salary-cheeks early with very low fees and may be less predators than other cash-other methods, Choose high interest pay-loans.
Rain Its presence is to distinguish and attract employers who want to help them access wages earned in their salaries -including automation.
“Since we are connected to all the big pay-roll and timecipping systems and we have created automatic equipment that makes us very easy to drive to employers, and when we get live, it is rarely worked or paid for them,” said Bradford, “Bradford said. “
Los Angeles-based startup, founded in 2019, earned 2.5 million employees and distributed more than $ 2 billion in earned wages, it said. The rain application says it also helps the employees hold the employees.
Rain targets mid-market and enterprise customers with more than 300 employees. This is an ATM fee equivalent fee, the average transaction charge for an average of about $ 3 for transactions. However, employees can also use the free ACH option, which credits their account until the next business day.
However, the startup does not want to be another EWA app in the crowd market. Bradford says it already provides a free tax filing and return service through April through April through a financial education portal, one-one-one financial coaching and taxation solution.
These national services outside the EWA are actually 70% of its menstrual adoption rate, Bradford says the EWA is at 30%.
Bradford said, “For us, how the success looks over time is the user’s EWA less and less is needed because they are now saving more,” Bradford said.
Series B Funds, which saw the participation of Nextalia Venture and Spark Growth Venture, and Rain’s existing investors, including KYD, Invision opportunities and others, will help extend a general EWA application.
In the Q3, the startup is planned to launch an EWA-secured credit card with a dynamic credit card limit based on verified wages obtained from Pay Roll systems.
Startup is also working on a product to get rolled out later this year that makes employees spent on any card they spend and make their health conservation account (HSA) easier to use by paying. Furthermore, it will bring the saving accounts later this year with features including auto-sev and awards.
The more favorable environmental symptoms for the Fintech ecosystem come from the rainfall that has seen almost flat growth in recent years. Funds, including Ribit Capital, are collecting more money, while startups, including plaid, have reduced their evaluation of $ 575 million dollars, indicating their evaluation-hints of a mixture of pintake.
Venture funding at Global Fintech companies with a similar fund’s level recorded last year with TechCrunch has been reduced to $ 50 billion year after 45% of the year. To today, in 2025, $ 13.1 billion has been collected by Global Fintech Startups. However, the average contract size increased by 20% to 2024 from 18.27 million to $ 21.94 million. Especially in EWA space, initiative funding also rises to $ 569 million over 19% over the last year.
Unlike the Employer-Lieutenant platform like the rain, Employee -de EWA platforms, such as Arnin, have been facing crackdown from regulators with “hunter” loans for the past few months. In addition to providing EWA on behalf of the employer, including automatic features, the rain view to enable savings and financial awareness helps it in standout.
Bradford said, “Creating a more broad platform of financial well -being products will definitely help our mission realize, which eventually help millions of people to the path of financial independence,” Bradford said.
Startup with 175 employees is sales capacity and marketing and channel partnership for sales team and investment in its market through investment. It plans to invest more on equipment to add more convenient to the employers to manage their services.
In 2023, the rain has raised a fund of an 116 million series that consists of $ 66 million equity and $ 50 million debt.