Rain, a Los Angeles-based fintech startup offering employer-integrated earned wage access (EWA). Has just raised $75 million in an all-equity Series B round. The funding, led by Prosus, pushes the company’s post-money valuation to $340 million and signals a bold expansion beyond EWA into credit, savings, and broader financial wellness solutions. Rain’s CEO and co-founder, Alex Bradford, said the fresh capital will help the startup move into offering a credit card product. And savings tools designed to help users break the paycheck-to-paycheck cycle.
The company has already onboarded more than 2.5 million employees and distributed over $2 billion in earned wages. Its core product enables employees to access a portion of their paychecks ahead of time for a flat fee. Similar to what you’d pay at an ATM—typically around $3 per transaction. For users looking to avoid fees altogether, there’s also a free ACH option that processes by the next business day.
With financial stress increasing for working-class households, Rain’s mission is more timely than ever. According to a Bank of America report, 35% of households earning less than $50,000 per year now live paycheck to paycheck. A rise from 32% in 2019. This struggle is most pronounced in the South and affects people of all age groups. For many, waiting two weeks for a paycheck simply doesn’t line up with when bills are due.
While EWA is the entry point, Rain is setting itself apart by offering a suite of tools focused on long-term financial health. The platform already includes features like spending insights, overdraft alerts, financial education. And free tax filing services through its partnership with april. It even provides one-on-one coaching to help users build better money habits. According to Bradford, these services now account for 70% of the company’s monthly product adoption. Showing that users are engaging well beyond EWA. In his words, success means users will eventually rely less on early wage access because they’ve built up savings.
Founded in 2019, Rain has built deep integrations with major payroll and timekeeping systems. Allowing for fast, seamless onboarding for employers with minimal day-to-day admin. The startup focuses on mid-sized and large businesses with over 300 employees, promising both cost savings and improved employee retention.
The new funding comes as signs of a fintech rebound begin to emerge. Although global fintech funding dropped 45% year-over-year to $50 billion in 2023, venture activity in the EWA sector specifically rose by 19%, reaching $569 million. In the first quarter of 2025 alone, fintech startups worldwide have already raised $13.1 billion. Interestingly, while deal volume remains low, average deal size has grown to nearly $22 million. Reflecting investors’ preference for focused, higher-quality bets.
Rain’s traction and focus on employer-integrated delivery have helped it avoid the scrutiny that other EWA providers, like Earnin, have faced for allegedly offering predatory services. By partnering directly with employers and layering in automation and financial wellness features. Rain positions itself as a more responsible and scalable option in the space.
Looking ahead, Rain plans to launch a credit card product tied to users’ verified earned wages, giving them a dynamic credit limit based on real-time payroll data. Another product in the pipeline will simplify the use of Health Savings Accounts (HSAs). Enabling employees to spend on any card and get reimbursed automatically. Later this year, the startup will introduce savings accounts with features like auto-save and rewards to encourage long-term financial resilience.
The company, which employs 175 people, is also growing its sales team and investing heavily in marketing, sales enablement. And channel partnerships to accelerate its go-to-market strategy. Bradford emphasized that building a complete platform for financial wellness is core to Rain’s broader mission—helping millions of Americans break free from the cycle of financial insecurity and get on the path to true financial freedom.
Rain previously raised $116 million in a Series A round in 2023, including $66 million in equity and $50 million in debt. With this latest round, the startup is solidifying its position as one of the most comprehensive and forward-thinking platforms in the EWA space, aiming to change the financial trajectory of workers from short-term relief to long-term stability.
