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Rain won in the “Total Rewards and Employee Wellbeing” category in recognition of its earned wage access platform
LOS ANGELES, May 01, 2024–(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.
Traditional pay cycles can often serve as a barrier to achieving financial wellness. Americans spend over $170 billion on payday loans, high-interest credit cards, overdraft fees, and other predatory financial products while waiting for their next paychecks. Rain allows hourly workers to access money faster, giving them control over their financial lives. By enabling employers to provide this benefit, Rain is helping attract more qualified applicants, reduce turnover, and improve employee engagement and job performance.
“We are incredibly proud to be recognized for our mission of helping employees reach financial freedom while also providing companies with a powerful benefit that not only improves employee wellbeing but also contributes to the performance and success of their business. This award is an indicator that we are making a positive difference in the way employers think about pay flexibility and financial wellness,” says Alex Bradford, Chief Executive Officer of Rain.
This award comes as Rain continues to see strong growth and expansion. Since its inception in 2020, Rain has onboarded over 2 million employees and distributed over $1 billion in wage advances. The company announced its $116 million Series A funding round in March 2023, which was the largest in HR tech history. Rain also secured all $300 million in financing from Clear Haven Capital Management to expand its financial wellness services. Recently, the company announced a partnership with global modern card issuing platform Marqeta to deliver more robust earned wage access solutions through embedded finance.
To learn more about Rain, visit www.rainapp.com.
About Rain
Rain is the trusted leader in employee-centric financial wellness solutions, serving middle-market and enterprise organizations nationwide. Through a comprehensive suite of offerings, including earned wage access and an array of financial wellness benefits, Rain seamlessly integrates into any organization’s existing infrastructure, providing the flexibility essential for effective financial management. Rain’s mission is to give employees greater control over their financial futures by eliminating the need for payday loans and other predatory financial products. Rain’s customers include global brands such as Hilton, McDonald’s, Arby’s, and Subway and span various industries beyond restaurants and hospitality, including healthcare, retail, school systems, and non-profits. Visit www.rainapp.com to learn how to elevate your workforce’s financial wellbeing with Rain.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240501479269/en/
Contacts
SourceCode Communications for Rain
rain@sourcecodecomms.com
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