Santa Monica, CA - Rain, a financial services platform providing employers a benefit that can be offered to employees to access their earned wages, announced it has raised $115 million in funding. The round was led by QED Investors with participation from Invus Opportunities and other investors.

Founded by Alex Bradford and headquartered in Santa Monica, California, Rain is on a mission to regrow individual freedom by giving people control over their income and finances. The company is killing predatory financial products like payday loans and overdraft fees. Last year, according to the FDIC, Americans spent $170B while waiting for their next paycheck due to fees from payday loans, credit cards, overdrafts and low balances. 63% of Americans who are living paycheck-to-paycheck are stuck in this debt trap and could benefit from early wage access Rain provides.

“We’re thrilled with our recent success raising additional capital from such prestigious investors," said Alex Bradford, Co-Founder & CEO of Rain. "This new investment will allow us to continue our progress towards ending predatory financial products like payday loans that have long been an issue for American workers."