Tuesday, February 6, 2024

Rain Raises $300M

Los Angeles-based Rain, a developer of financial services provided to employees to allow them to access a line of credit before they are paid, says it has raised $300M in a financing round. The funding came in the form of a credit facility from Clear Haven Capital Management. The company said it will use the funding to grow its customer base. Rain says it offers up "convenient access to their hard-earned wages in real-time, whenever they work instead of waiting until payday." It's unclear what kind of interest rate employees end up paying for access to Rain's financing products.