Rain, a US fintech specializing in on-demand payroll and earned wage access, has raised $116 million in a Series A funding led by QED Investors and Invus Opportunities. Rain’s platform allows hourly rate employees to have greater access to their money, including the ability to receive earned wages after each shift. When accessing their money, workers must pay a small fee, similar to an ATM fee. The system also aims to curb reckless spending by disallowing workers to access more than 50% of their gross earned wages in any single pay period.
Rain Raises $116M to Give Workers Flexible Access to Pay
