Financial health is a key component to a person’s overall well-being. This has never been truer than post-pandemic, when financial health has emerged as one of the areas of focus for both employers and individuals, alongside mental and physical well-being. In fact, in a recent survey conducted by fintech platform Rain, around 55% of respondents cited financial issues as their top source of stress, underscoring once again the importance of making employees feel secure about their future and acknowledging their financial woes alleviate.
“At Rain, we aim to do just that,” says CEO Akbar Khan. “We want to expand individuals’ financial freedom, empower them to meet their financial obligations, give them a sense of security and most importantly, enable them to make their own decisions rather than fall into the trap of predatory financial products like payday loans .”
As such, Rain is a comprehensive platform for financial wellness benefits for underserved employees. It focuses on empowering workers with deserved wage-based monetary solutions. The company was founded in 2019 by Alex Bradford and Jennifer Terrell in the US, with its Indian subsidiary incorporated in December 2020. It is backed by QED, LightSpeed, Dreamers VC, Picus Capital, Jump Capital, CMV, Ethos Capital , and Quad partners.
The company’s product allows employees to get paid daily instead of waiting until payday. Under normal circumstances, most employees live paycheck to paycheck. However, the fintech allows them to access their salary for the days they have already worked at any time during the month.
Rain works with employers and also connects directly with employees to provide access to earned salary when needed. Employees access their earned salary through the Rain app and can claim it back on their payday. “We work across a myriad of business units and industry verticals,” says Khan. “Industry leaders in IT, telecom, manufacturing, energy, as well as leading business service providers, managed service providers, and consulting firms benefit from Rain’s platform.”
Features that make Rain stand out include hassle-free processes with no hidden fees and no interest on repayments or EMIs. Through its offerings, Rain strives to help organizations improve retention, improve productivity and attract talent.
Khan says the startup has had a great start in the Indian market, “underscoring the huge need for a product like this.” Employers have found that employee productivity and engagement have increased. As employees value and benefit from having access to earned salaries on demand, “we intend to capitalize on our robust start and move into the next phase of growth,” he adds.
The early pay access fitness platform is a well funded Series A business. “We have grown steadily and are ready to leverage our large customer base. We have seen monthly growth of 50% and are targeting multiple increases given the huge addressable market and strong demand. “We currently have more than 2 million eligible users on our platform and plan to aggressively grow that number in the second half of the year,” he says.
Rain’s broader vision is to build the world’s largest mobile bank for employees. “We have a very extensive product pipeline that will help us achieve this goal,” says Khan confidently.
Rain was founded in 2019 by Alex Bradford and Jennifer Terrell in the USA. The Indian subsidiary was established in December 2020
A well funded Series A company, it is backed by QED, LightSpeed, Dreamers VC, Picus Capital, Jump Capital, CMV, Ethos Capital and Quad Partners
The company responds to the needs of employers and employees by delivering earned wages before payday
It has more than 2 million eligible users on its platform