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Rain, the enterprise-grade infrastructure for stablecoin-powered payments, has announced a $250 million Series C funding round led by ICONIQ, with participation from Sapphire Ventures, Dragonfly, Bessemer Venture Partners, Galaxy Ventures, FirstMark, Lightspeed, Norwest, and Endeavor Catalyst.
The round values Rain at $1.95 billion, brings the company's total funding to over $338 million, and comes just four months after its Series B and 10 months after its Series A. The valuation represents an increase of more than 17x in just 10 months.
The new funding enables Rain to scale its global, compliant footprint, deepen platform capabilities, and invest in new products that redefine how payments work worldwide. Rain will use the Series C capital to expand its presence in key licensed markets across North America, South America, Europe, Asia, and Africa, so partners can seamlessly launch compliant solutions around the world. The funding will also enable Rain to deepen its full-stack stablecoin payments platform, including through strategic acquisitions, and to invest ahead of the curve in new products that make stablecoin-powered payments feel invisible to businesses and consumers.
Stablecoins have evolved from a speculative corner of crypto markets into one of the largest value-transfer rails in the world. Rain's technology is built to let enterprises shift to onchain payment rails while preserving the familiar experiences their users already trust.
Farooq Malik, CEO and Co-Founder of Rain
Farooq Malik, CEO and Co-Founder of Rain, said:
"Stablecoins are quickly becoming the way money moves in the 21st century, but adoption by users worldwide requires cards and apps that just work. 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."
Rain's end-to-end payments platform allows companies to work with a single partner to launch compliant stablecoin cards that work everywhere Visa is accepted, offer rewards, convert fiat into stablecoins, power secure wallets, and facilitate payouts. Today, Rain's technology facilitates more than $3B in annualised transactions for over 200 partners, including Western Union, Nuvei, and KAST. Programmes built on Rain can reach over 2.5 billion people and power everything from everyday consumer purchases like a morning coffee or airline tickets, to critical business expenses such as cloud services and digital advertising.
Kamran Zaki, partner at ICONIQ
Kamran Zaki, partner at ICONIQ, said:
"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. 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."
In the last year, Rain's active card base has increased 30x and its annualised payment volume has increased 38x. Wachtell, Lipton, Rosen & Katz served as legal adviser to Rain on its Series C financing.
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