Rain, a provider of financial wellness products that empower and engage employees, announced today that it raised $116 million, encompassing $66 million in equity and $50 milliomn in debt. QED Investors and Invus Opportunities led the Series A with participation from firms including WndrCo, Tribe Capital, and Dreamers VC, which was co-founded by Will Smith. The debt facility was arranged by Sound Point Capital Management, LP. The funding will be used to support Rain's continued expansion in the U.S. through investments in technology and infrastructure, employee and employer experience, and marketing.

Rain provides earned wage access and other financial wellness benefits to hundreds of thousands of employees of middle market and enterprise companies across the US. Rain's mission is to eliminate payday loans and other predatory financial products by giving people control over their income and financial lives.