Rain, a leading employer-sponsored platform for earned wage access (EWA) and financial wellness services, has announced a new partnership with Workday, Inc., a major provider of solutions for human capital management (HCM). This collaboration aims to provide a seamless EWA solution to Workday customers, helping employees access their earned wages before payday and improving financial flexibility.
- Rain’s EWA Program and Benefits: Rain’s EWA solution allows employees to access a portion of their wages before the traditional payday. This service helps workers avoid overdraft fees, high-interest loans, and the negative financial impact of waiting for a paycheck. In 2023, employees using Rain saved an estimated $51 million by avoiding these costs.
Moreover, companies that offer Rain’s EWA to their employees have experienced up to 2x more job applications and a 49% increase in retention after just eight months. - Impact of Financial Stress and Inflation: With inflation impacting middle-income households, more employees are struggling with financial planning and are turning to predatory financial products. Rain’s solution provides much-needed financial relief, empowering workers to better manage their financial lives and avoid costly payday loans or credit card debt.
- Workday Partnership and API Integration: As a new Workday Partner, Rain will integrate directly with Workday Human Capital Management (HCM) through an API, enabling Workday customers to offer EWA with fast onboarding and a smooth user experience. Workday HCM is a unified system designed to help organizations make better decisions, build effective teams, and respond to talent shifts.
- Executive Commentary:Alex Bradford, Rain’s CEO, said:
“Our partnership with Workday allows us to support their customers by providing employees with tools and resources that will help them achieve financial well-being. By giving workers control over their wages, we’re also helping employers attract and retain top talent.”
- Rain’s Growth and Recent Milestones: Rain has seen tremendous growth since its inception in 2019, onboarding over 2 million employees and distributing over $1 billion in wage advances. In March 2023, Rain raised $116 million in Series A funding, the largest round in HR tech history, and recently secured a $300 million credit facility from Clear Haven Capital Management. Additionally, Rain partnered with Marqeta, a global modern card-issuing platform, to enhance their EWA offerings.
The Rain-Workday partnership marks a significant milestone in Rain’s expansion and underscores the growing demand for financial wellness tools like EWA. As financial pressures continue to mount, Rain is positioned to help both employees and employers navigate the challenges of traditional pay cycles and build stronger workforces.
