Rain raises $250m Series C at $1.95bn as stablecoin payments scale
The funding round, led by ICONIQ, follows rapid growth in card usage and transaction volume, as the company positions its platform as core infrastructure for mainstream stablecoin payments.
Rain has closed a $250 million Series C funding round that values the company at $1.95 billion and lifts its total funding to more than $338 million.
The round was led by ICONIQ and included participation from Sapphire Ventures, Dragonfly, Bessemer Venture Partners, Galaxy Ventures, FirstMark, Lightspeed, Norwest and Endeavor Catalyst, Rain said. The raise comes just four months after its Series B and 10 months after its Series A, underlining the pace at which the company has been scaling.
Rain provides a full-stack platform that enables enterprises to issue cards and build applications using stablecoins, bridging blockchain-based money with existing payments infrastructure. The company said its technology now supports more than $3 billion in annualised transaction volume across over 200 partners, including Western Union, Nuvei and KAST. Programmes built on the platform can reach more than 2.5 billion people worldwide, Rain said.
Farooq Malik, chief executive and co-founder of Rain, said the funding reflects accelerating demand for usable stablecoin products. “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 said. Malik added that over the past year Rain’s active card base has increased 30x and annualised payment volume has grown 38x, while stressing the company remains at an early stage of its expansion.
Rain said the Series C capital will be used to broaden its footprint in licensed markets across North America, South America, Europe, Asia and Africa. The company also plans to deepen its full-stack stablecoin payments offering, including through strategic acquisitions, and to invest in new products aimed at enterprise customers.
Investors framed the deal as a bet on a shift in global payments infrastructure. Kamran Zaki, a partner at ICONIQ, said legacy payment networks are increasingly being challenged by programmable digital-asset systems. He argued Rain combines regulatory readiness with real-world scale, positioning it to appeal to large enterprises moving from experimentation with stablecoins to production use.
Wachtell, Lipton, Rosen & Katz served as legal adviser to Rain on the Series C financing.
The Recap
- Rain raised $250 million in a Series C funding round.
- Round brings Rain’s total funding to over $338 million.
- Capital will expand Rain’s licensed presence across five continents.
