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Marqeta and Rain announce a partnership to provide robust earned wage access through embedded finance. Marqeta will power the Rain Card, a branded debit card enabling employers to disburse earned wages seamlessly. The partnership aims to simplify the pay cycle and offer streamlined financial solutions for employees, promoting financial wellness. Over 60% of Americans live paycheck-to-paycheck, highlighting the need for quicker access to wages. Marqeta's early wage access offerings constitute 3% of its total processing volume as of Q4 2023, empowering gig and shift workers. The partnership allows Rain to integrate the Rain Card into its customer experience, expanding offerings into credit card solutions and diverse employee rewards.
Marqeta e Rain annunciano una partnership per fornire un accesso robusto ai salari guadagnati attraverso la finanza integrata. Marqeta alimenterà la Rain Card, una carta di debito personalizzata che consente ai datori di lavoro di erogare i salari guadagnati senza intoppi. La partnership mira a semplificare il ciclo di pagamento e offrire soluzioni finanziarie semplificate per i dipendenti, promuovendo il benessere finanziario. Oltre il 60% degli americani vive di stipendio in stipendio, evidenziando la necessità di un accesso più rapido ai salari. Le offerte di Marqeta per l'accesso anticipato ai salari costituiscono il 3% del suo volume totale di elaborazione a partire dal quarto trimestre del 2023, potenziando i lavoratori autonomi e a turni. La partnership permette a Rain di integrare la Rain Card nella sua esperienza cliente, espandendo le offerte in soluzioni di carte di credito e diversificate ricompense per i dipendenti.
Marqeta y Rain anuncian una asociación para proporcionar un acceso robusto al salario devengado a través de las finanzas embebidas. Marqeta impulsará la Rain Card, una tarjeta de débito de marca que permite a los empleadores desembolsar los salarios ganados de manera fluida. La asociación tiene como objetivo simplificar el ciclo de pago y ofrecer soluciones financieras simplificadas para los empleados, promoviendo el bienestar financiero. Más del 60% de los estadounidenses viven de cheque en cheque, resaltando la necesidad de un acceso más rápido a los salarios. Las ofertas de acceso anticipado al salario de Marqeta constituyen el 3% de su volumen total de procesamiento a partir del cuarto trimestre de 2023, empoderando a los trabajadores por turnos y de la economía gig. La asociación permite a Rain integrar la Rain Card en su experiencia de cliente, expandiendo sus ofertas a soluciones de tarjetas de crédito y recompensas diversas para empleados.
Marqeta와 Rain이 내장 금융을 통해 견고한 급여 취득 접근을 제공하기 위한 파트너십을 발표했습니다. Marqeta는 고용주가 적립된 임금을 원활하게 지급할 수 있도록 하는 브랜드 직불카드인 Rain Card를 지원할 것입니다. 이 파트너십은 급여 주기를 단순화하고 재정적 웰빙을 촉진하면서 직원들을 위한 간소화된 금융 솔루션을 제공하는 것을 목표로 합니다. 미국인의 60% 이상이 월급에 의존하며, 이는 임금에 대한 더 빠른 접근의 필요성을 강조합니다. Marqeta의 조기 임금 접근 제안은 2023년 4분기 기준으로 전체 처리량의 3%를 차지하며, 기가 및 교대 근로자들에게 권한을 부여합니다. 이 파트너십을 통해 Rain은 고객 경험에 Rain Card를 통합하고, 신용 카드 솔루션과 다양한 직원 보상으로 제안을 확장할 수 있습니다.
Marqeta et Rain annoncent un partenariat pour fournir un accès robuste aux salaires gagnés à travers la finance intégrée. Marqeta alimentera la Rain Card, une carte de débit de marque permettant aux employeurs de verser les salaires gagnés de manière fluide. Le partenariat vise à simplifier le cycle de paie et à offrir des solutions financières simplifiées aux employés, en promouvant le bien-être financier. Plus de 60 % des Américains vivent de paie en paie, soulignant le besoin d'un accès plus rapide aux salaires. Les offres d'accès anticipé aux salaires de Marqeta représentent 3 % de son volume total de traitement à partir du quatrième trimestre 2023, donnant du pouvoir aux travailleurs indépendants et aux travailleurs postés. Le partenariat permet à Rain d'intégrer la Rain Card dans son expérience client, en élargissant ses offres aux solutions de cartes de crédit et aux récompenses diversifiées pour les employés.
Marqeta und Rain kündigen eine Partnerschaft an, um robusten Zugang zu verdienten Löhnen durch eingebettete Finanzen zu bieten. Marqeta wird die Rain Card antreiben, eine Marken-Debitkarte, die es Arbeitgebern ermöglicht, verdiente Löhne nahtlos auszuzahlen. Die Partnerschaft zielt darauf ab, den Lohnzahlungszyklus zu vereinfachen und Mitarbeitern vereinfachte Finanzlösungen anzubieten, um das finanzielle Wohlbefinden zu fördern. Über 60% der Amerikaner leben von Gehaltsscheck zu Gehaltsscheck, was die Notwendigkeit eines schnelleren Zugangs zu Löhnen hervorhebt. Marqetas Angebote für den frühzeitigen Lohnzugang machen 3% seines gesamten Verarbeitungsvolumens im 4. Quartal 2023 aus und stärken Gig- und Schichtarbeiter. Die Partnerschaft ermöglicht es Rain, die Rain Card in das Kundenerlebnis zu integrieren und das Angebot auf Kreditkartenlösungen und vielfältige Mitarbeiterbelohnungen auszuweiten.
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Marqeta and Rain partnership aims to simplify the pay cycle and offer financial solutions for employees.
Marqeta to power the Rain Card, enabling seamless disbursement of earned wages for employees.
Over 60% of Americans live paycheck-to-paycheck, emphasizing the need for quicker wage access.
Marqeta's early wage access offerings constitute 3% of its total processing volume as of Q4 2023.
Partnership allows Rain to expand offerings into credit card solutions and diverse employee rewards.
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Marqeta and Rain’s partnership showcases increasing demand from workers to simplify the pay cycle and offer streamlined solutions for supporting employees’ financial wellness
OAKLAND, Calif.--(BUSINESS WIRE)--
Marqeta, 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.
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. 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.
With 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.
"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."
Rain’s customers include global brands such as Hilton, McDonald’s, Arby’s and Subway and span various industries beyond restaurants and hospitality, including healthcare, retail, school systems and non-profits. As paycheck flexibility becomes an increasingly popular expectation from employees, companies that are more turnover prone will benefit from solutions that expedite employee payments. Faster wage solutions provide the flexibility workers crave, leading to a more engaged and loyal workforce and helping to reduce overhead recruitment and training costs for businesses.
“Whether for 1099 employees, staffing agencies or labor marketplaces, there is a massive opportunity for employers to offer accelerated access to wages,” said Todd Pollak, Chief Revenue Officer of Marqeta. “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.”
About Marqeta (NASDAQ: MQ)
Marqeta’s modern card issuing platform empowers its customers to create customized and innovative payment cards and embedded finance offerings. Marqeta’s platform, powered by open APIs, gives its customers the ability to build more configurable and flexible payment experiences, accelerating product development and democratizing access to card issuing technology. Its modern architecture provides instant access to highly scalable, cloud-based payment infrastructure that enables customers to launch and manage their own card programs, issue cards and authorize and settle transactions. Marqeta is headquartered in Oakland, California and is certified to operate in more than 40 countries globally. For more information, visit www.marqeta.com, Twitter and LinkedIn.
About Rain
Rain is the trusted leader in employee-centric financial wellness solutions, serving middle-market and enterprise organizations nationwide. Through a comprehensive suite of offerings, including earned wage access and an array of financial wellness benefits, Rain seamlessly integrates into any organization’s existing infrastructure, providing the flexibility essential for effective financial management. And, with a steadfast mission to eliminate payday loans and predatory financial products, Rain champions individual empowerment, giving employees control over their income and financial futures. Visit www.rainapp.com to learn how to elevate your workforce’s financial well-being with Rain.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements expressed or implied in this press release include, but are not limited to, quotations and statements relating to changing consumer preferences; increasing consumer adoption of certain digital payment methods, products, and solutions; which payment, banking, and financial services products and solutions may succeed; technological and market trends; Marqeta’s business; Marqeta’s products and services; and statements made by Marqeta’s senior leadership. Actual results may differ materially from the expectations contained in these statements due to risks and uncertainties, including, but not limited to, the following: any factors creating issues with changes in domestic and international business, market, financial, political and legal conditions; and those risks and uncertainties included in the “Risk Factors” disclosed in Marqeta's Annual Report on Form 10-K, as may be updated from time to time in Marqeta’s periodic filings with the SEC, available at www.sec.gov and Marqeta’s website at http://investors.marqeta.com. The forward-looking statements in this press release are based on information available to Marqeta as of the date hereof. Marqeta disclaims any obligation to update any forward-looking statements, except as required by law.
