Business
Rain provides a modern approach to payroll for mid-sized organizations, a benefit that has already been rolled out for companies like Walmart and Uber. Their mission is to regrow individual freedom by giving people control over their income and finances. Rain is killing predatory financial products like payday loans and overdraft fees. They're backed by QED, a leading venture capital firm based out of Alexandria, Virginia, who has invested in notable companies like Credit Karma, ClearScore, Creditas, and many more. Rain's founders are highly experienced and excited about bringing greater financial freedoms to American workers and being a large part of the movement to end payday loans with high interest rates. Last year, Americans spent $170B while waiting for their next paycheck. Fees for payday loans, credit cards, overdrafts, and low balances add up. 72% of Americans who are living paycheck-to-paycheck are stuck in this debt trap and could benefit from early wage access. How does Rain work? Rain is free and easy for employers to implement. When an employer agrees to work with Rain, employees are invited to download the free Rain Instant Pay app from the Apple or Google app store. The employees will have early access to portions of their wages. All they have to do to get paid is pay a small transaction fee that keeps Rain's lights on ($2.99 for same/next day, $3.99 for instant transfer).