#USA #New York #Rain #Stablecoins #ICONIQ

Rain Secures $250 Million in Series C Funding

Rain, a leader in providing stablecoin payment infrastructure, has successfully concluded a Series C funding round, raising $250 million. This latest financing, spearheaded by ICONIQ and supported by prominent investors such as Sapphire Ventures, Dragonfly, Bessemer Venture Partners, and more, elevates Rain’s total funding to over $338 million, securing a valuation of $1.95 billion in just ten months. This impressive surge represents more than a seventeenfold increase since their last funding round.

The stablecoin market has transitioned from speculative assets to essential tools for worldwide value transfer, driving Rain to expedite its global footprint. With this infusion of capital, the company aims to bolster its platform capabilities while introducing innovative products that will redefine payment methodologies internationally.

“As stablecoins rapidly become the 21st-century currency, their user adoption hinges on reliable applications and cards,” remarked Farooq Malik, CEO and co-founder of Rain. “We witnessed our active card base expand thirty times last year, with a staggering thirty-eight times increase in annualized payment volume. This funding enables us to extend our infrastructure into new markets efficiently.”

Rain’s end-to-end payment platform presents companies with a singular partner for launching compliant stablecoin-backed cards that are usable wherever Visa is accepted. This includes rewards systems, fiat-to-stablecoin conversions, secure wallet provisions, and seamless payment processing. Currently, Rain’s technology facilitates annual transactions exceeding $3 billion across a network of over 200 partners including major players like Western Union and Nuvei. Their systems potentially reach 2.5 billion individuals, enabling everyday transactions like morning coffee or essential business expenditures including cloud services and digital advertising.

Kamran Zaki, a partner at ICONIQ, expressed confidence in Rain’s transformative potential, stating, “We are witnessing a shift from traditional payment networks toward programmable digital asset infrastructures. Rain combines comprehensive technology, regulatory maturity, and operational scale, which positions it well as companies advance from exploration to implementation stages.”

The Series C funding will see Rain further advancing its presence in licensed markets across North America, South America, Europe, Asia, and Africa, assisting partners in launching compliant solutions globally. The funds will also pave the way for strategic acquisitions to enhance the stablecoin payment platform while investing in new solutions designed to make stablecoin transactions seamless for both businesses and consumers.

About Rain:
Rain stands at the forefront of global stablecoin payments for enterprises, neobanks, platforms, and developers. Its technology empowers partners to transfer, store, and utilize stablecoins instantly and compliantly via global payment cards, rewards, interconnection points, and cross-border payment infrastructures. As a primary Visa member, Rain issues cards that function globally, facilitating countless transactions in over 150 countries. Designed natively for stablecoins and trusted by over 200 organizations worldwide, Rain provides a secure and scalable infrastructure allowing money to flow freely and instantly across the globe.

For further details, visit Rain’s Website.

About ICONIQ:
ICONIQ is a global investment firm catalyzing opportunity through a unique community. The company partners with visionary leaders defining their industry’s future, providing exceptional outcomes through a supportive network. ICONIQ’s diverse portfolio includes notable names such as Adyen, Airbnb, and Alibaba, among others. For more information, visit ICONIQ’s Website.

For media inquiries, contact Lucas Piazza, Head of Marketing at Rain.