Rain Partners with Workday for Enhanced Financial Solutions

Rain Partners with Workday to Enhance Financial Services

LOS ANGELES -- Rain, an innovative platform offering earned wage access (EWA) and financial wellness solutions, has announced a significant partnership with Workday, Inc. (NASDAQ: WDAY). This partnership is set to revolutionize how employees access their earned wages, thereby providing essential financial flexibility to workers across various industries.

Understanding Earned Wage Access

Rain's EWA program allows employees to access a portion of their wages before the traditional payday. This capability is especially crucial in today’s economic climate, where many individuals struggle with financial constraints. By having the ability to withdraw a portion of their earnings early, employees can avoid burdensome high-interest loans and excessive overdraft fees.

EWA Program's Impact on Employee Finances

In 2023, employees who utilized Rain's services managed to save an estimated $51 million by steering clear of costly overdraft charges and high-interest payday loans. Companies that offer Rain's EWA solutions have reported significant benefits, including up to double the job applications and a remarkable 49% increase in employee retention rates after an average span of eight months.

Addressing Economic Challenges

The ongoing inflation crisis has diminished financial security for many middle-income households, making it increasingly difficult for people to manage their monthly expenses. Reports indicate that nearly half of Americans have less than $500 in savings, often resorting to payday loans and other predatory financial practices. Rain’s EWA solution provides a practical alternative, allowing workers to better navigate their financial challenges by accessing their earnings ahead of schedule.

Integration with Workday’s Human Capital Management

As a newly appointed Workday Partner, Rain is set to leverage direct API integration with Workday Human Capital Management (HCM). This integration aims to streamline the EWA experience for Workday customers, ensuring a seamless and efficient onboarding process for employees.

The Benefits of Workday HCM

Workday HCM offers organizations a unified system designed to enhance decision-making, operational visibility, and preparedness for future talent shifts while establishing effective teams. By partnering with Workday, Rain aims to contribute substantially to the financial well-being of employees.

Leadership Insights on the Partnership

“Our partnership with Workday allows us to support its customer base by providing their employees with tools and resources that will help them achieve financial well-being,” stated Alex Bradford, the chief executive officer of Rain. He emphasized the importance of the flexibility offered by Rain’s EWA solution, especially as traditional pay cycles can pose challenges to many workers.

Continuing Growth and Expansion

This partnership marks a new chapter in Rain’s growth journey. Since its launch in 2019, Rain has successfully onboarded over 2 million employees and facilitated more than $1 billion in wage advances. The company achieved a landmark $116 million Series A funding round in March 2023, marking it as a groundbreaking event in HR tech history. Additionally, Rain secured a robust $300 million financing arrangement with Clear Haven Capital Management to develop a new credit facility, aiming to further strengthen its service offerings.

Looking Ahead

Recently, Rain also partnered with Marqeta, a global leader in modern card issuance, to enhance its earned wage access solutions through embedded finance. This collaboration demonstrates Rain's commitment to elevating the financial wellness landscape and providing innovative solutions to clients.

To explore more about how Rain can assist in improving your workforce's financial health, visit www.rainapp.com.

About Rain

Rain stands at the forefront of employee-centric financial wellness solutions, primarily targeting middle-market and enterprise organizations across the nation. By offering a diverse range of products, including earned wage access and various financial benefits, Rain integrates smoothly into existing organizational infrastructures. The mission of Rain is clear: to provide employees with autonomy over their financial futures and eliminate reliance on payday loans and other harmful financial products. The company's clientele boasts globally recognized brands, including Hilton, McDonald’s, Marriott, and Subway, spanning numerous industries, from healthcare to retail and non-profits.

Frequently Asked Questions

What is earned wage access (EWA)?

Earned wage access allows employees to withdraw a portion of their earned wages before payday, providing them financial flexibility.

How does the partnership with Workday benefit employees?

The partnership enables employees using Workday's HCM to access EWA services, streamlining the process of managing their finances.

What savings have employees achieved through Rain's services?

In 2023, employees using Rain saved approximately $51 million by avoiding overdraft fees and high-interest payday loans.

What other industries does Rain serve?

Rain serves a wide array of industries, including healthcare, retail, education, and non-profit organizations.

How can organizations learn more about Rain?

Organizations can explore Rain's offerings and benefits by visiting www.rainapp.com.

About Investors Hangout

Investors Hangout is a leading online stock forum for financial discussion and learning, offering a wide range of free tools and resources. It draws in traders of all levels, who exchange market knowledge, investigate trading tactics, and keep an eye on industry developments in real time. Featuring financial articles, stock message boards, quotes, charts, company profiles, and live news updates. Through cooperative learning and a wealth of informational resources, it helps users from novices creating their first portfolios to experts honing their techniques. Join Investors Hangout today: https://investorshangout.com/

Disclaimer: The content of this article is solely for general informational purposes only; it does not represent legal, financial, or investment advice. Investors Hangout does not offer financial advice; the author is not a licensed financial advisor. Consult a qualified advisor before making any financial or investment decisions based on this article. The author's interpretation of publicly available data shapes the opinions presented here; as a result, they should not be taken as advice to purchase, sell, or hold any securities mentioned or any other investments. The author does not guarantee the accuracy, completeness, or timeliness of any material, providing it "as is." Information and market conditions may change; past performance is not indicative of future outcomes. If any of the material offered here is inaccurate, please contact us for corrections.