Rain Teams Up with Workday to Transform Financial Services
LOS ANGELES -- Rain, a cutting-edge platform providing earned wage access (EWA) and financial wellness solutions, has announced a pivotal partnership with Workday, Inc. (NASDAQ: WDAY). This collaboration aims to revolutionize the way employees access their earned wages, granting vital financial flexibility to workers across different sectors.
What is Earned Wage Access?
Rain's EWA program lets employees withdraw a part of their earnings before the usual payday. This option is particularly important in today's economic environment, where countless individuals face financial difficulties. By allowing early access to a portion of their wages, employees can steer clear of punishing high-interest loans and excessive overdraft fees.
The Financial Impact of the EWA Program
In 2023, those who utilized Rain's services managed to save around $51 million by avoiding costly overdraft charges and high-interest payday loans. Companies offering Rain's EWA solutions have noted substantial benefits as well, such as seeing job applications double and achieving an impressive 49% increase in employee retention rates after just eight months.
Confronting Economic Challenges
The ongoing inflation crisis has undermined financial security for many middle-income households, making it harder for them to manage monthly bills. Reports suggest that nearly half of Americans have less than $500 in savings and often rely on payday loans and other predatory financial options. Rain’s EWA solution offers a practical alternative, enabling workers to navigate their financial hurdles more effectively by accessing their earnings early.
Integration with Workday’s Human Capital Management
As a new Workday Partner, Rain will utilize direct API integration with Workday Human Capital Management (HCM). This integration is designed to enhance the EWA experience for Workday customers, providing a smooth and efficient onboarding process for employees.
The Advantages of Workday HCM
Workday HCM gives organizations a unified system that boosts decision-making, operational transparency, and readiness for future talent shifts while building effective teams. Through the partnership with Workday, Rain aspires to make a significant contribution to the financial health of employees.
Leadership Thoughts on the Partnership
“This partnership with Workday enables us to support its customer base by giving their employees the tools and resources they need to improve their financial well-being,” said Alex Bradford, CEO of Rain. He stressed the importance of the flexibility that Rain’s EWA solution provides, particularly since conventional pay cycles can create challenges for many workers.
Continued Growth and Development
This partnership represents an exciting new phase in Rain’s growth journey. Since launching in 2019, Rain has successfully onboarded over 2 million employees and facilitated more than $1 billion in wage advances. The company achieved a milestone $116 million Series A funding round in March 2023, marking an important moment in HR tech history. Moreover, Rain has secured a robust $300 million financing deal with Clear Haven Capital Management to build a new credit facility, further enhancing its service capabilities.
Looking Forward
Recently, Rain also joined forces with Marqeta, a leader in modern card issuance, to refine its earned wage access solutions through embedded finance. This collaboration highlights Rain's commitment to advancing financial wellness and offering innovative solutions to its clients.
If you want to find out how Rain can help improve your workforce's financial health, visit www.rainapp.com.
About Rain
Rain is at the forefront of employee-focused financial wellness solutions, mainly catering to middle-market and enterprise organizations nationwide. By offering a diverse array of products, including earned wage access and various financial benefits, Rain seamlessly integrates into existing organizational frameworks. Rain’s mission is straightforward: to empower employees to take control of their financial futures and eliminate reliance on payday loans and other harmful financial products. The company serves a range of renowned brands, including Hilton, McDonald’s, Marriott, and Subway, across various 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 part of their earned wages before their scheduled payday, giving them more financial flexibility.
How does the partnership with Workday benefit employees?
This partnership allows employees using Workday's HCM to easily access EWA services, making it simpler to manage their finances.
How much have employees saved with Rain's services?
In 2023, employees utilizing Rain saved about $51 million by avoiding high-interest payday loans and overdraft fees.
Which industries does Rain serve?
Rain serves a broad range of industries, including healthcare, retail, education, and non-profit organizations.
How can organizations learn more about Rain?
Organizations can explore what Rain offers and its benefits by visiting www.rainapp.com.
