Rain Raises $75 Million Series B Led by Prosus Amid DailyPay Lawsuit

Rain, a Los Angeles-based financial wellness app, has raised $75 million in a Series B funding round led by Prosus. The funding will be used to expand its earned wage access services, which allow employees to access their wages before payday. Since its inception in 2019, Rain has onboarded over 2.5 million employees and distributed over $2 billion in earned wages. This funding follows its $116 million Series A round in March 2023, which included $66 million in equity and $50 million in debt. The announcement comes amid a lawsuit filed by DailyPay, another earned wage access provider, against the New York Attorney General over regulatory concerns affecting the sector.