Los Angeles-based FinTech startup Rain has announced that it is raising USD 116 million to speed up hourly workers’ pay cycles.
Rain is a four-year-old company that uses technology to advance employees, typically hourly workers, their wages shortly after a shift ends so they don’t have to wait for payday to have cash on hand. The Los Angeles-based company claims that a USD 116 million funding round of USD 66 million in equity and USD 50 million in debt gave it a USD 250 million valuation.
QED Investors, a venture capital firm with a FinTech focus, and Invus Opportunities spearheaded the raise. The company said the plan is to give workers short on cash quick access to their paychecks to cover necessary expenses.
Read More: Fintech Startup Rain Raises $116 Million To Speed Up Hourly Workers’ Pay Cycles
