Financial health is a key component of a person’s overall well-being. This was never more true than after the pandemic when, along with mental and physical wellness, financial health emerged as one of the areas of focus for both employers and individuals. In fact, in a recent survey conducted by the fintech platform Rain, some 55% of respondents reported financial problems as their biggest source of stress, reiterating the importance of making employees feel secure about their future and alleviate your financial problems.
“At Rain, our goal is to do just that,” says CEO Akbar Khan. “We want to expand people’s financial freedom, allow them to meet their financial obligations, give them a sense of security and, most importantly, allow them to make their own decisions, instead of falling prey to predatory financial products like payday loans. .”
Therefore, Rain is a comprehensive financial wellness benefits platform for underserved employees. It focuses on empowering wage earners with monetary solutions based on wages earned. The company was established in 2019 by Alex Bradford and Jennifer Terrell in the US, with its Indian subsidiary established 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 be paid daily instead of waiting until payday. Under normal circumstances, most salaried employees live paycheck to paycheck. However, the fintech allows them to access their salary at any time of the month for the days they have already worked.
Rain partners with employers and also connects directly with employees to provide on-demand access to wages earned. Employees access their earned salary through the Rain app and can repay the same on their payday. “We’re working across a myriad of business sectors and industry verticals,” says Khan. “Industry leaders in IT, telecommunications, manufacturing, energy, as well as leading business service providers, managed service providers and consulting firms are benefiting from Rain’s platform.”
Among the features that make Rain stand out are hassle-free processes, no hidden fees, and zero interest on refunds or EMI. Through its offerings, Rain strives to help organizations improve retention and productivity, and attract talent.
Khan says the startup has seen a great start in the Indian market, “highlighting the great need for such a product.” Employers have experienced increased productivity and employee engagement. Since employees appreciate and benefit from access to earned wages on demand, “we intend to capitalize on our strong start and enter the next phase of growth,” he adds.
Salary early access fitness platform is a well-funded Series A company. “We have been growing steadily and are poised to take advantage of our large customer base. We have been posting 50% monthly growth and our goal is to multiply this several times, given the large target market and strong demand. “We have over 2 million eligible users on our platform today and are looking to aggressively grow the numbers in the second half of the year,” he says.
Rain’s broader vision is to build the world’s largest mobile employee bank. “We have a very comprehensive product portfolio that will help us achieve this goal,” says a confident Khan.
Rain was created in 2019 by Alex Bradford and Jennifer Terrell in the US. Its Indian subsidiary emerged 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 addresses the requirements of both employers and employees by delivering wages earned before payday
It has more than 2 million eligible users on its platform