Earnin raises $125 million for payday advance platform

Earnin, a startup that aims to help employees beat the “rigid paycheck” system and gain instant access to their earnings, has raised $125 million in a series C round of funding from existing investor Andreessen Horowitz, alongside its recently announced Cultural Leadership Fund, as well as Spark Capital, Matrix Partners, DST Global, March Capital Partners, Coatue Management, and Ribbit Capital.

Founded in 2012 as Activehours, Earnin rebranded last October to a name that “better captured our purpose,” company founder and CEO Ram Palaniappan said at the time. The name change came a month after Earnin had raised its $39 million series B round that was led by Andreessen Horowitz.