Los Angeles-based Rain raised a $75M Series B in another good sign for fintech

Rain, a startup offering an employer-integrated earned wage access (EWA) app coupled with financial-wellness features like overdraft alerts and spending trends, has raised $75 million in an all-equity Series B round. The round was led by Prosus at a post-money valuation of $340 million. Rain plans to use the new funds to help it add credit card and saving products to its roster, co-founder CEO Alex Bradford, exclusively tells TechCrunch. Around 35% of households in the U.S. with an annual income below $50,000 are living paycheck to paycheck, up from 32% in 2019, per a report (PDF) by Bank of America published in October. Paycheck-to-paycheck populations rise with age and can be anywhere in the U.S., though this report indicates they are highest in the South. Biweekly paychecks can be hard to wait for when bills are due any day of the month. EWA platforms allow employees to get a portion of their paychecks early with a small fee and can be less predatory than other get-cash-now meth ... Read full article.