Rain, a financial support platform, has secured USD 300 million via a credit facility from Clear Haven Capital Management. Rain's total funding now stands at USD 428.6 million.
The company plans to use the funding to expand its services, offering real-time access to earned wages for its growing customer base, supporting employee retention, job applications, and engagement.
Rain currently estimates to have saved its customers’ employees over USD 51 million in overdraft fees and the interest associated with payday loans.
Analyst QuickTake: Rain secured a USD 300 million credit facility in less than a year after the company raised USD 116 million in Series A funding to expand product offerings, including allowing employers to offer employees earned wage access (EWA).
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