The firm that Francesco Canzonieri heads closed its first US investment
Nextalia Ventures joined the 75 million US Dollars Series B round that US fintech scaleup for Earned Wage Access solutions (EAWS) Rain Technologies, based in California’s Santa Monica, launched. The company also attracted the resources of Prosus. Spark Growth Ventures, QED, and Invus Opportunities (Rain Technologies and Nextalia). Rain, born in 2019, will invest the raised proceeds in developing further employees financial wellness solutions, strengthening its technology platform and accelerating its expansion strategy.
In March 2023, the company secured a Series A round of 116 million (press release). QED Investors, Invus Opportunities (lead investors), WndrCo, Tribe Capital, and Dreamers VC (a vehicle that Hollywood movies star Will Smith co-founded) poured 66 million in equity while Sound Point Capital Management provided 50 million in debt.
Rain Technologies allows employers to grant their workers with immediate access to their accrued salary after each shift. The vast majority of US employees gets weekly and sometimes daily pay checks. The 2024 PayrollOrg (PAYO)’s survey Getting Paid In America says that US workers would struggle for a salary payment delay of just one week (press release).
Alex Bradford, a co-founder of the scaleup, said: “Rain makes it easier for employers to offer their employees the freedom to access and manage their earnings as they see fit. The support of Nextalia and the other investors in this round will allow us to reach thousands of new employers and millions of employees in USA.”
Attilio Mazzilli, Nextalia Ventures co-head, added: “Rain shown tremendous growth both in terms of acquiring well-known brands as customers and significantly expanding its impact on employees with an ever-developing suite of powerful financial wellness tools in addition to EWA”.
Francesco Canzonieri, the ceo and founder of Nextalia, pointed out: “Our investment in Rain perfectly fits with Nextalia Ventures‘ strategy for the support of high-growth companies with innovative technologies and strong market potential. Rain is an innovative player in EWA sector, a rapidly expanding fintech segment. This investment marks our entry into the US market and reinforces our commitment to fintech, a key element of our strategy. We are excited to accompany Rain as it grows and consolidates its position in the market”.
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