Marqeta (NASDAQ: MQ), the worldwide fashionable card issuing platform enabling among the world’s most modern embedded finance options, introduced its new accomplice Rain, a monetary wellness advantages supplier that helps corporations give workers larger management over their funds.
Marqeta will energy the Rain Card, a branded debit card “that can allow employers to disburse earned wages onto the playing cards seamlessly.”
By its strategic partnership with Rain, Marqeta can “scale its early wage entry choices to extra employers throughout numerous sectors of the economic system resembling healthcare, training and hospitality.”
Over 60% of Individuals are “dwelling paycheck-to-paycheck and in search of methods to take management of their funds. Providing workers faster entry to their hard-earned wages permits workers to cut back their reliance on credit score, pay their payments on time, and higher handle their funds, serving to to foster a extra engaged and devoted workforce.”
Marqeta has witnessed important progress in its early wage entry choices, now “constituting 3% of its complete processing quantity as of This autumn 2023 and empowering gig and shift staff with on-demand entry to paychecks.”
With Marqeta’s fashionable platform and embedded finance capabilities, Rain can combine the Rain Card into its buyer expertise, “permitting employers to distribute Marqeta-powered debit playing cards that present staff early entry to their earned wages.”
Marqeta’s complete card issuing platform permits Rain to “develop its choices into secured and unsecured bank card options and extra numerous worker rewards.”
Alex Bradford, Chief Government Officer of Rain stated:
“We’re thrilled to accomplice with Marqeta and its world-class workforce and fashionable tech stack. Rain’s mission is to empower tens of millions of staff to succeed in monetary freedom. Marqeta will likely be a essential accomplice as we launch new merchandise that allow our customers to entry their wages sooner and extra economically and that assist them develop their money circulation and financial savings.”
Rain’s clients embody international manufacturers “resembling Hilton, McDonald’s, Arby’s and Subway and span varied industries past eating places and hospitality, together with healthcare, retail, faculty methods and non-profits.”
As paycheck flexibility turns into an more and more in style expectation “from workers, corporations which can be extra turnover susceptible will profit from options that expedite worker funds. Quicker wage options present the pliability staff crave, resulting in a extra engaged and constant workforce and serving to to cut back overhead recruitment and coaching prices for companies.”
Todd Pollak, Chief Income Officer of Marqeta stated:
“Whether or not for 1099 workers, staffing companies or labor marketplaces, there’s a large alternative for employers to supply accelerated entry to wages. We’re excited to collaborate with Rain, a number one proponent of worker advantages, and the transformative potential they provide for reshaping the worker expertise. This partnership permits us to develop our attain and empower extra employers and staff with some great benefits of sooner wage distribution.”
