Rain Raises $250 Million in Series C Funding to Scale Stablecoin Payment Infrastructure for Global Enterprises
In a groundbreaking development for the fintech landscape, Rain has announced the completion of a Series C funding round, successfully raising $250 million. This funding was led by ICONIQ Growth and involved notable participation from firms like Sapphire Ventures and Dragonfly. As a result of this investment, Rain's total funding now exceeds $338 million, placing the company's valuation at an impressive $1.95 billion, which reflects a staggering increase of more than 17 times within a mere span of ten months.
Rain specializes in providing infrastructure aimed at facilitating stablecoin-based payments, crucial for enterprises looking to modernize their transaction methods. The latest funding round is particularly significant as it follows closely on the heels of Rain’s Series B and Series A rounds, showcasing the company's rapid growth trajectory.
Stablecoins, once considered niche within the cryptocurrency market, have rapidly cemented their position as a pivotal means of value transfer globally. As companies and consumers increasingly turn to these digital assets for transactions, Rain is positioned to bridge existing gaps. Their goal is to ensure that stablecoin technology becomes the standard method for money movements within organizations while maintaining user familiarity in their digital transaction experiences.
As Farooq Malik, co-founder and CEO of Rain, stated: “Stablecoins are swiftly becoming the payment method of the 21st century. However, for broader acceptance, we need cards and apps that perform effortlessly.” Over the last year, Rain has seen exponential growth: its active card user base surged thirtyfold, and annual payment volumes skyrocketed by thirty-eight times. Despite this rapid progress, Malik emphasizes that this is just the beginning, asserting that the new funding will enable Rain to extend its infrastructure across new markets, helping more organizations scale quickly.
The company’s end-to-end payment platform is fundamentally designed for ease of use; it allows enterprises to work with a single partner to introduce compliant stablecoin cards valid wherever Visa is recognized. This innovative solution also integrates features such as rewards programs, seamless conversion of fiat currencies to stablecoins, secure wallet operations, and efficient payment processing. Currently, Rain’s technology is capable of processing over $3 billion in annual transactions for more than 200 partners, including major players like Western Union and Nuvei, enabling transactions that range from everyday purchases to critical business expenditures.
As stated by Kamran Zaki, a partner at ICONIQ, “We are witnessing a shift from outdated payment systems to a programmable infrastructure for digital assets. There is a narrow window available to define the standardized platform that businesses will rely on.” Zaki believes that Rain's unique combination of robust technology, regulatory readiness, and significant operational scale positions it as a leading contender in the shifting payments landscape.
With the capital from the Series C round, Rain intends to expand its presence in strategically important licensed markets across North America, South America, Europe, Asia, and Africa. This expansion will empower partners to deploy compliant solutions globally. Moreover, Rain plans to enhance its stablecoin payment platform further through strategic acquisitions and innovation in product offerings, effectively removing barriers for businesses and consumers using stablecoin-based payment systems.
Founded with a vision to redefine the payment landscape, Rain is committed to enabling instant and compliant transactions through a secure, scalable infrastructure. As a principal member of Visa, Rain issues cards that function globally, facilitating millions of transactions across over 150 countries. More information about Rain and its offerings can be found at Rain's official website.
This funding milestone is not just a testament to Rain's innovative approach but also highlights the growing significance of stablecoins in the global financial ecosystem. The company is on track to changing how we think about transactions in an increasingly digital world.
Rain specializes in providing infrastructure aimed at facilitating stablecoin-based payments, crucial for enterprises looking to modernize their transaction methods. The latest funding round is particularly significant as it follows closely on the heels of Rain’s Series B and Series A rounds, showcasing the company's rapid growth trajectory.
Stablecoins, once considered niche within the cryptocurrency market, have rapidly cemented their position as a pivotal means of value transfer globally. As companies and consumers increasingly turn to these digital assets for transactions, Rain is positioned to bridge existing gaps. Their goal is to ensure that stablecoin technology becomes the standard method for money movements within organizations while maintaining user familiarity in their digital transaction experiences.
As Farooq Malik, co-founder and CEO of Rain, stated: “Stablecoins are swiftly becoming the payment method of the 21st century. However, for broader acceptance, we need cards and apps that perform effortlessly.” Over the last year, Rain has seen exponential growth: its active card user base surged thirtyfold, and annual payment volumes skyrocketed by thirty-eight times. Despite this rapid progress, Malik emphasizes that this is just the beginning, asserting that the new funding will enable Rain to extend its infrastructure across new markets, helping more organizations scale quickly.
The company’s end-to-end payment platform is fundamentally designed for ease of use; it allows enterprises to work with a single partner to introduce compliant stablecoin cards valid wherever Visa is recognized. This innovative solution also integrates features such as rewards programs, seamless conversion of fiat currencies to stablecoins, secure wallet operations, and efficient payment processing. Currently, Rain’s technology is capable of processing over $3 billion in annual transactions for more than 200 partners, including major players like Western Union and Nuvei, enabling transactions that range from everyday purchases to critical business expenditures.
As stated by Kamran Zaki, a partner at ICONIQ, “We are witnessing a shift from outdated payment systems to a programmable infrastructure for digital assets. There is a narrow window available to define the standardized platform that businesses will rely on.” Zaki believes that Rain's unique combination of robust technology, regulatory readiness, and significant operational scale positions it as a leading contender in the shifting payments landscape.
With the capital from the Series C round, Rain intends to expand its presence in strategically important licensed markets across North America, South America, Europe, Asia, and Africa. This expansion will empower partners to deploy compliant solutions globally. Moreover, Rain plans to enhance its stablecoin payment platform further through strategic acquisitions and innovation in product offerings, effectively removing barriers for businesses and consumers using stablecoin-based payment systems.
Founded with a vision to redefine the payment landscape, Rain is committed to enabling instant and compliant transactions through a secure, scalable infrastructure. As a principal member of Visa, Rain issues cards that function globally, facilitating millions of transactions across over 150 countries. More information about Rain and its offerings can be found at Rain's official website.
This funding milestone is not just a testament to Rain's innovative approach but also highlights the growing significance of stablecoins in the global financial ecosystem. The company is on track to changing how we think about transactions in an increasingly digital world.
Topics Financial Services & Investing）
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