Financial Wellness Platform Rain Named “Best Innovative or Emerging Tech Solution” Winner at 2024 HR Tech Awards
01 Mayo 2024 - 12:05PM
Business Wire
Rain won in the “Total Rewards and Employee
Wellbeing” category in recognition of its earned wage access
platform
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.
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