Rain, a platform that allows employees to access their earned wages in real-time, announced today that it has secured $300 million in financing from Clear Haven Capital Management.

The new funding will help Rain scale its offering to more employers and employees, who can benefit from greater financial control and well-being.

Rain’s platform enables employees to get paid daily for a small fee, similar to an ATM charge, instead of waiting until payday.

This helps them avoid overdraft fees and high-interest loans, and save over $170 billion that Americans spend waiting for their next paychecks.

Rain also provides financial wellness tools and adheres to the highest compliance standards, making it one of the safest and easiest ways for companies to offer earned wage access (EWA) as a benefit.

“With this $300 million in funding from Clear Haven, we’ll expand our reach and further fulfill our mission to empower all Americans to live the life that they can afford to live, protected from predatory fees and lending products,” said Fred Choquette, Chief Operating Officer at Rain.

Rain’s platform has proven to increase employee retention, engagement, and productivity. In 2023, Rain’s employers saw an average of 50% improvement in retention for their employees who use the app, and Rain is estimated to have saved its customers’ employees over $51 million by avoiding overdraft fees and payday loans.

“Clear Haven Capital Management is proud to commit $300 million in funding to Rain as part of its dedication to empowering both employers and employees to thrive in challenging economic circumstances and embark on a more resilient financial wellness journey,” said Mark Simmer, Managing Partner at Clear Haven Capital Management.