Business
Marqeta and Rain Announce Partnership to Deliver Robust Earned Wage Access Through Embedded Finance
Marqeta and Rain’s partnership showcases increasing demand from workers to simplify the pay cycle and offer streamlined solutions for supporting employees’
About this update from Marqeta, Inc.
[{"type":"text","content":"\nMarqeta and Rain’s partnership showcases increasing demand from workers to simplify the pay cycle and offer streamlined solutions for supporting employees’ financial wellness\n\n\n OAKLAND, Calif.--(BUSINESS WIRE)--\nMarqeta, the global modern card issuing platform enabling some of the world’s most innovative embedded finance solutions, today announced its new partner Rain, a financial wellness benefits provider that helps companies give employees greater control over their finances. Marqeta will power the Rain Card, a branded debit card that will enable employers to disburse earned wages onto the cards seamlessly. Through its strategic partnership with Rain, Marqeta can scale its early wage access offerings to more employers across diverse sectors of the economy such as healthcare, education and hospitality.\n\n\nOver 60% of Americans are living paycheck-to-paycheck and seeking ways to take control of their finances. Offering employees quicker access to their hard-earned wages enables employees to reduce their reliance on credit, pay their bills on time, and better manage their finances, helping to foster a more engaged and dedicated workforce. Marqeta has witnessed significant growth in its early wage access offerings, now constituting 3% of its total processing volume as of Q4 2023 and empowering gig and shift workers with on-demand access to paychecks.\n\n\nWith Marqeta’s modern platform and embedded finance capabilities, Rain can seamlessly integrate the Rain Card into its customer experience, allowing employers to distribute Marqeta-powered debit cards that provide workers early access to their earned wages. Marqeta’s comprehensive card issuing platform allows Rain to expand its offerings into secured and unsecured credit card solutions and more diverse employee rewards.\n\n\n\"We are thrilled to partner with Marqeta and its world-class team and modern tech stack,\" said Alex Bradford, Chief Executive Officer of Rain. \"Rain's mission is to empower millions of workers to reach financial freedom. Marqeta will be a critical partner as we launch new products that enable our users to access their wages faster and more economically and that help them grow their cash flow and savings.\"\n\n\nRain’s customers include global brands such as Hilton, McDonald’s, Arby’s and Subway and span various industries beyond restaurants and h...