Rain, a provider of enterprise-grade infrastructure for stablecoin-powered payments, has successfully raised $250 million in a Series C funding round. This round, led by ICONIQ, brings the company’s total funding to over $338 million and values Rain at $1.95 billion. Notably, this valuation marks a significant increase of more than 17 times in just ten months.
The new capital will enable Rain to scale its global presence, enhance its platform capabilities, and invest in innovative products that aim to revolutionize payment processes worldwide. The funding round also saw participation from notable investors, including Sapphire Ventures, Dragonfly, Bessemer Venture Partners, Galaxy Ventures, FirstMark, Lightspeed, Norwest, and Endeavor Catalyst.
Transforming Payment Infrastructure
Stablecoins have transitioned from a niche segment of the cryptocurrency market to becoming integral to the global value-transfer system. Rain’s focus is on facilitating this evolution by providing the necessary infrastructure that enables businesses to adopt on-chain payment solutions while maintaining user-friendly experiences.
According to Farooq Malik, CEO and Co-founder of Rain, “Stablecoins are quickly becoming the way money moves in the 21st century, but adoption by users worldwide requires cards and apps that just work.” He highlighted that in the past year, Rain has experienced a remarkable 30-fold increase in its active card base and a 38-fold growth in annualized payment volume. This funding will allow Rain to expand its infrastructure into new markets, helping enterprises to implement scalable solutions effectively.
Rain’s end-to-end payments platform offers a comprehensive solution for companies seeking to launch compliant stablecoin cards that function wherever Visa is accepted. The platform also supports rewards, fiat-to-stablecoin conversions, secure wallets, and payouts. Currently, Rain’s technology manages over $3 billion in annualized transactions for more than 200 partners, including major companies like Western Union and Nuvei. Programs developed on the Rain platform have the potential to reach over 2.5 billion people, facilitating a wide range of transactions from daily consumer purchases to essential business expenditures.
Future Plans and Market Expansion
The Series C funding will be strategically utilized to enhance Rain’s presence in key licensed markets across North America, South America, Europe, Asia, and Africa. This expansion will facilitate the seamless launch of compliant payment solutions on a global scale. Additionally, the investment will allow Rain to deepen its technological capabilities, potentially through strategic acquisitions, and to pioneer new products that simplify stablecoin-powered payments for both businesses and consumers.
Kamran Zaki, Partner at ICONIQ, emphasized the transformative potential of this shift, stating, “We believe we’re witnessing a shift from legacy payment networks to programmable digital-asset infrastructure.” He remarked on Rain’s unique combination of comprehensive technology, regulatory preparedness, and real-world scalability, positioning the company as a frontrunner in making tokenized money a mainstream option for enterprises.
Rain’s legal advisory on the Series C financing was provided by Wachtell, Lipton, Rosen & Katz. As a global leader in stablecoin payments, Rain is committed to ensuring that enterprises can move, store, and utilize stablecoins instantly and compliantly. By partnering with Visa, Rain empowers millions of purchases across over 150 countries, establishing itself as a trusted infrastructure provider in the evolving payments landscape.
For more information about Rain, visit their official website at [Rain](https://www.rain.xyz/).
