Rain Announces Integration With Paylocity, Improving Seamless Earned Wage Access

Core Insights - Rain has announced a new integration with Paylocity, enhancing its earned wage access (EWA) services for over 41,650 clients using Paylocity's payroll platform [1][2][5] - The integration aims to provide employees with easier access to their earned wages, helping to alleviate financial stress and reduce reliance on predatory financial products [1][2][6] Company Overview - Rain is a leading provider of earned wage access solutions, serving over 3.5 million employees and facilitating more than $3 billion in early wage access [6] - The company focuses on employee financial wellness and aims to eliminate payday loans and predatory financial products [6] Integration Features - The integration allows eligible employees to access up to 50% of their gross earnings before payday while maintaining responsible usage limits [4] - Key employee details and timekeeping data are automatically pulled from Paylocity, streamlining the process for employers [4] - Employees can access their earned wages through Rain's mobile app, with free ACH transfers and optional instant access for a fee [4] - At the end of each pay period, earned wage adjustments are automatically sent back to Paylocity for inclusion in regular payroll, ensuring no disruption to payroll operations [4] Market Context - According to the Financial Health Pulse 2024 U.S. Trends Report, 70% of American households are experiencing financial difficulties, prompting employers to seek new benefits like earned wage access [2] - The partnership with Paylocity follows Rain's $75 million Series B financing, indicating strategic growth in the financial wellness space [5]