Marqeta has 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 sectors of the economy such as healthcare, education and hospitality.
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Over 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.
With Marqeta’s modern platform and embedded finance capabilities, Rain can 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 card issuing platform allows Rain to expand its offerings into secured and unsecured credit card solutions
Alex Bradford, Chief Executive Officer of Rain, said: “We are thrilled to partner with Marqeta and its world-class team and modern tech stack. 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.”
Todd Pollak, Chief Revenue Officer of Marqeta, added: “Whether for 1099 employees, staffing agencies or labour marketplaces, there is a massive opportunity for employers to offer accelerated access to wages. We’re excited to collaborate with Rain, a leading proponent of employee benefits, and the transformative potential they offer for reshaping the employee experience. This partnership enables us to expand our reach and empower more employers and workers with the advantages of faster wage distribution.”
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