Financial health is a key component of an individual’s overall well-being. This was never more true than in the aftermath of the pandemic when, along with mental and physical well-being, financial health has emerged as one of the focus areas for both employers and individuals. In fact, in a recent survey conducted by fintech platform Rain, around 55% of respondents reported financial issues as their biggest source of stress, which reiterates the importance of making employees feel secure about their future and relieving their financial woes.
“At Rain, we aim to do just that,” says its CEO, Akbar Khan. “We want to expand individuals’ financial freedom, enable them to meet their financial obligations, give them a feeling of security, and most importantly, allow them to make their own choices, rather than fall into the trap of predatory financial products like payday loans.”
Thus, Rain is a comprehensive financial wellness benefits platform for under-served employees. It is focussed on empowering salaried individuals with earned wage-led monetary solutions. The company was established in 2019 by Alex Bradford and Jennifer Terrell in the US, with its Indian subsidiary being set up in December 2020. It is backed by support from 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. In normal circumstances, most salaried employees live from paycheck to paycheck. However, the fintech enables them to access their salary anytime during the month for the days they have already worked.
Rain partners with employers and also connects directly to employees to provide on-demand access to earned salary. The employees access their earned salary through the Rain app and can reimburse the same on their payday. “We are working in a myriad business sectors and industry verticals,” says Khan. “Industry leaders in IT, telecom, manufacturing, power, as well as leading business service providers, managed service providers and consulting firms are benefitting from Rain’s platform.”
Among the features that make Rain stand out are hassle-free processes with no hidden charges, and zero interest on repayments or EMIs. Through its offerings, Rain endeavours to help organisations improve retention and productivity, and attract talent.
Khan says the startup has witnessed a great start in the Indian market, “which highlights the huge need for such a product.” Employers have experienced enhanced employee productivity and engagement. With employees appreciating and benefitting from access to on-demand earned salary, “we intend to capitalise on our robust start and enter the next phase of growth,” he adds.
The early wage access fitness platform is a well-funded Series A venture. “We have been growing steadily and are poised to leverage our large customer base. We have been clocking 50% month-on-month growth and we target increasing this severalfold, given the vast addressable market and strong demand-pull. “We have more than 2 million eligible users on our platform currently and we 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 bank for employees. “We have a very exhaustive product pipeline that will help us achieve this objective,” says a confident Khan.
Rain was set up in 2019 by Alex Bradford and Jennifer Terrell in US. Its Indian subsidiary came up in December 2020
A well-funded Series A venture, it is backed by QED, LightSpeed, Dreamers VC, Picus Capital, Jump Capital, CMV, Ethos Capital, and Quad Partners
Company addresses both employers and employees’ requirements by delivering earned wages before payday
It has more than 2 million eligible users on its platform