The enterprise-grade stablecoin-powered payment infrastructure Rain on Friday announced a $250 million Series C funding round led by ICONIQ, with Sapphire Ventures, Dragonfly, Bessemer Venture Partners, Galaxy Ventures, FirstMark, Lightspeed, Norwest, and Endeavour Catalyst among the investors.
- The enterprise-grade stablecoin-powered payment infrastructure Rain on Friday announced a $250 million Series C funding round led by ICONIQ, with...
- Just four months after its Series B and ten months after its Series A, the round values Rain at $1.95...
- The purpose of Rain’s technology is precisely that.
- Over 2.5 billion people can be reached by programs built on Rain, which can power everything from essential business expenses,...
Keep reading for the full breakdown on global payment solutions — everything you need to know is covered below.
Just four months after its Series B and ten months after its Series A, the round values Rain at $1.95 billion and increases the company’s total funding to over $338 million.
One of the largest value-transfer networks in the world, stablecoins have quickly grown from a speculative area of the cryptocurrency market. The goal of the next phase of adoption is to make tokenised currencies the standard method for consumers and businesses to exchange money, save money, and make purchases.
The infrastructure needed to bridge that gap must enable enterprises to transition to on-chain payment rails while maintaining the memorable user experiences that their users have come to rely on. The purpose of Rain’s technology is precisely that.
“Stablecoins are quickly becoming the way money moves in the 21st century, but adoption by users worldwide requires cards and apps that just work,” said Farooq Malik, CEO & Co-founder of Rain.
“In the last year, our active card base has increased 30x, and our annualised payment volume has increased 38x, but we’re still in the early innings. This funding lets us bring that infrastructure to new markets and help additional enterprises go live and scale quickly everywhere.”
Benefits for companies
Companies can launch compliant stablecoin cards that work anywhere Visa is accepted, offer rewards, convert fiat to stablecoins, power secure wallets, and enable payouts with just one partner, thanks to Rain’s end-to-end payments platform.
Today, Rain’s technology helps more than 200 partners, including Western Union, Nuvei, and KAST, process more than $3 billion in annualised transactions. Over 2.5 billion people can be reached by programs built on Rain, which can power everything from essential business expenses, such as cloud services and digital advertising, to daily consumer purchases, like airline tickets or morning coffee.
“We believe we’re witnessing a shift from legacy payment networks to programmable digital-asset infrastructure, and there is a brief window to help define the default platform enterprises will rely on,” said Kamran Zaki, Partner at ICONIQ.
“In our view, Rain has a rare combination of full-stack technology, regulatory readiness, and real-world scale. Their focus on making tokenised money mainstream, rather than a niche financial experiment, may resonate and align with what large enterprises are looking for as they move from exploration to production.”
Rain to use funding for stablecoin expansion
With Series C funding, Rain plans to expand its footprint in key licensed markets across North America, South America, Europe, Asia, and Africa. This will enable partners to easily introduce compliant solutions globally.
Additionally, Rain will be able to expand its full-stack stablecoin payments platform, including through strategic acquisitions, and make early investments in innovative products that will make stablecoin-powered payments seem inconspicuous to consumers and businesses.
Rain received legal counsel from Wachtell, Lipton, Rosen & Katz regarding its Series C financing.
About Rain
Rain is a worldwide stablecoin payment platform for businesses, platforms, developers, and neobanks. Through international payment cards, rewards, on/off-ramps, wallets, and cross-border rails, its technology enables partners to quickly and legally transfer, store, and use stablecoins. Rain, a Visa Principal Member, provides cards that enable millions of transactions across more than 150 countries and are accepted anywhere Visa is accepted.
Rain, explicitly developed for stablecoins and trusted by over 200 organisations globally, provides a scalable, secure infrastructure that enables instantaneous, unrestricted global money transfers.