Using Embedded Finance, US-based Marqeta and Rain have announced a strategic partnership to provide clients with earned wage access.
Alex Bradford, Chief Executive Officer of Rain, confirmed the partnership in a media release.
Newsng gathered that Marqeta can expand its early wage access products to more companies in industries like healthcare, education, and hospitality thanks to its strategic alliance with Rain.
After this announcement, Marqeta is anticipated to power the Rain Card, a branded debit card designed to allow employers to quickly and securely deposit employees’ earnings onto the cards.
The collaboration will also concentrate on expanding Marqeta’s early wage access services to other enterprises in various economic sectors.
This covers, among other things, healthcare, hospitality, and education.
Marqeta and Rain intend to prioritise addressing the needs, preferences, and desires of their clients in a constantly changing market, while also maintaining compliance with industry regulations and laws.
“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,” noted Bradford.
Todd Pollak, Chief Revenue Officer of Marqeta, while reacting to the partnership added: “Whether for 1099 employees, staffing agencies or labour marketplaces, there is a massive opportunity for employers to offer accelerated access to wages.
“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.”
We earlier reported that Video game company, NetEase, based in China, said that it is collaborating with Microsoft to bring back famous titles like “World of Warcraft” to the nation following a public backlash that resulted in the termination of a ten-year collaboration in 2023.
