Nextalia reports that it has completed its third investment from the Nextalia Ventures fund, also marking its first entry into the US market, with its participation in a $75m funding round in Rain Technologies, an innovative and fast-growing platform offering earned wage access (EWA) solutions and employee financial wellness tools.
Rain operates through a B2B model that allows employers to offer their employees immediate access to their accrued wages after each shift, reducing financial stress and dependence on onerous instruments such as bank overdrafts and short-term loans. Founded and active in the US, Rain has already reached over 2.5 million workers and distributed more than $2 billion in wages since its launch in 2019.
Nextalia participates in $75m Series B funding round to support Rain’s continued growth. The funds raised will enable the company to develop new employee financial wellness solutions, strengthen its technology platform and accelerate its expansion strategy.
Francesco Canzonieri, CEO of Nextalia, comments in a note: ‘Our investment in Rain fits perfectly into Nextalia Ventures’ strategy, which is focused on supporting high-growth companies with innovative technologies and strong market potential. Earned wage access is a rapidly expanding segment within fintech and Rain has distinguished itself as an innovative player in this space. This investment marks our entry into the US market and reinforces our commitment to fintech, which is a key element of our investment strategy. We are excited to accompany Rain on its path of growth and consolidation of its market position.”
Alex Bradford, co-founder of Rain, says: “Rain makes it easier for employers to offer their employees the freedom to access and manage their earnings as they see fit. Thanks to the support of Nextalia and the other investors who participated in this round, the company is now in a stronger position to expand its operations by reaching thousands of new employers and millions of employees in the US.” (photo by Alexander Grey on Unsplash)
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