Rain Raises $116M in Funding
Summary
Rain, a Los Angeles, CA-based provider of financial wellness products for employees, raised $115M in funding, encompassing $66M in equity and $50M in debt. QED Investors and Invus Opportunities led the Series A with participation from firms including WndrCo, Tribe Capital, and Dreamers VC. The company intends to use the funds for continued expansion in the U.S. through investments in technology and infrastructure, employee and employer experience, and marketing. Led by CEO Alex Bradford, Rain provides earned wage access and other financial wellness benefits to hundreds of thousands of employees of middle market and enterprise companies across the US. Employees pay a small fee similar to an ATM charge each time they withdraw their earned wages.