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.