A four-year-old firm called Rain uses technology to advance workers’ paychecks—typically hourly workers—so they don’t have to wait until pay day to have cash on hand. The Los Angeles-based company claims that a $116 million investment round, consisting of $66 million in equity and $50 million in debt, gave it a $250 million valuation.
QED Investors, a venture capital firm with a fintech concentration, and Invus Opportunities spearheaded the raise. Further investing were Wndrco, Tribe Capital, and Dreamers VC, which was co-founded by actor Will Smith.