Marqeta, a global modern card issuing platform, announces its strategic partnership with Rain, a financial wellness benefits provider, to introduce the Rain Card. This branded debit card will enable employers to seamlessly disburse earned wages to employees, catering to over 60% of Americans living paycheck-to-paycheck and seeking better financial control.
- Addressing Financial Wellness with Early Wage Access
- Over 60% of Americans living paycheck-to-paycheck.
- Offering employees quicker access to wages reduces reliance on credit, fosters bill payment on time, and better financial management.
- Marqeta’s early wage access offerings growing, constituting 3% of total processing volume as of Q4 2023.
- Rain Card Powered by Marqeta’s Modern Platform
- Seamless integration of Rain Card into Rain’s customer experience.
- Enables employers to distribute Marqeta-powered debit cards for early wage access.
- Marqeta’s platform supports expansion into secured and unsecured credit card solutions and diverse employee rewards.
- Quote from Alex Bradford, CEO of Rain
- Partnership with Marqeta critical for launching new products enabling faster wage access.
- Mission to empower millions of workers towards financial freedom and growth in cash flow and savings.
- Rain’s Diverse Customer Base
- Includes global brands such as Hilton, McDonald’s, Arby’s, and Subway.
- Spans industries like healthcare, retail, school systems, and non-profits.
- Faster wage solutions meet increasing employee expectations and reduce turnover for businesses.
- Quote from Todd Pollak, CRO of Marqeta
- Massive opportunity for employers to offer accelerated access to wages.
- Excitement about collaborating with Rain and reshaping the employee experience.
- Partnership expands reach, empowering more employers and workers with faster wage distribution.
The collaboration between Marqeta and Rain signifies a significant step towards addressing financial wellness and early wage access for employees across various sectors. With the launch of the Rain Card powered by Marqeta’s modern platform, both companies aim to empower workers, reduce financial stress, and foster a more engaged and loyal workforce. As paycheck flexibility becomes an expectation, the partnership between Marqeta and Rain provides a solution that benefits employers and employees alike, leading to reduced turnover, enhanced financial well-being, and a transformed employee experience.
