Led by ICONIQ, the round brings Rain’s total funding to over $338 million and values the company to $1.95 billion, more than 17x growth in just 10 months
The new funding will enable Rain to grow its global compliant footprint, expand the capabilities of its platform and invest in new products that redefine the way payments work worldwide
/PRNewswire/ –Rain, the enterprise-grade infrastructure for stablecoin payments, today 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 more than $338 million and comes just four months after its Series B funding round and 10 months after its Series A funding round.
Stablecoins are rapidly evolving from a speculative corner of crypto markets into one of the largest value transfer rails in the world. The next phase of adoption is about using tokenized money as the standard method for businesses to transfer money and for consumers to get paid, save and spend. Bridging that gap requires an infrastructure that allows companies to move to onchain payment rails while maintaining the familiar experiences their users already trust. Rain’s technology has been developed for exactly that.
“Stablecoins are quickly becoming the way money moves in the 21st century, but using them by users worldwide requires debit cards and apps that just work,” said Farooq Malik, CEO and co-founder of Rain. “Over the past year, our active debit card count has grown 30x and our annual payment volume has grown 38x. And to think, we’re just getting started. This funding will allow us to bring that infrastructure to new markets and help additional businesses go live and scale quickly everywhere.”
Rain’s end-to-end payments platform allows businesses to work with a single partner to launch compliant stablecoin cards that can be used anywhere Visa is accepted, offering rewards, converting fiat money into stablecoins, supporting secure wallets and facilitating payouts. Today, Rain’s technology powers more than $3 billion in annual transactions for more than 200 partners, including Western Union, Nuvei and KAST. Programs built on Rain can reach more than 2.5 billion people, powering everything from everyday consumer purchases like a morning cup of coffee or airline tickets, to critical business expenses like cloud services and digital advertising.
“We believe that we are witnessing a shift from traditional payment networks to programmable infrastructure for digital assets, and that there is a short window to help determine which standard platform businesses will rely on,” said Kamran Zaki, partner at ICONIQ. “In our view, Rain has a rare combination of full-stack technology, regulatory readiness, and real-world scalability. Their focus on making tokenized money mainstream, rather than a niche financial experiment, could resonate and align with what large enterprises are looking for as they transition from exploration to production.”
Rain will use the capital from the Series C funding round to expand its presence in key licensed markets in North America, South America, Europe, Asia and Africa, enabling partners to seamlessly launch compliant solutions globally. The financing will also enable Rain to further expand its full-stack stablecoin payments platform, including through strategic acquisitions, and to invest ahead in new products that make stablecoin payments invisible to businesses and consumers.
Wachtell, Lipton, Rosen & Katz served as legal counsel to Rain for the Series C financing round.
Over Rain:Rain is the global stablecoin payments platform for enterprises, neobanks, platforms and developers. Its technology allows partners to instantly and compliantly move, store and use stablecoins across global payment cards, rewards, on/off ramps, wallets and international rails. As a principal member of Visa, Rain issues debit cards that work wherever Visa is accepted, enabling millions of purchases in more than 150 countries. Rain was originally built for stablecoins and is trusted by over 200 organizations worldwide. Rain delivers a secure, scalable infrastructure that ensures money moves freely and instantly around the world. Read more at https://www.rain.xyz/.
Over ICONIQ:ICONIQ is a global investment firm that catalyzes opportunity through an extraordinary community. Our venture and growth investment platform partners with visionaries who are defining the future of their industries to achieve unusual results. Drawing on the insights and connectivity of our extraordinary community, we support the success of our portfolio companies at every inflection point, from inception to IPO and beyond. Our robust portfolio includes Adyen, Airbnb, Alibaba, Alteryx, Airtable, Anthropic, Automattic, BambooHR, Braze, Canva, Chime, Coupa, Databricks, Datadog, DeepL, ElevenLabs, Figma, Gitlab, Glean, Groww, Netskope, Procore, ServiceTitan, Sierra, Snowflake, Writer, Zoom and 1Password. For more information, visit https://www.iconiqcapital.com/growth.
Mediacontact:
Lucas Piazza
Marketing Lead, Rain
[emailprotected]
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