Led by ICONIQ, the round brings Rain’s total funding to over $338 million and values the company at $1.95 billion – a more than 17x increase in just 10 months.
The new funding allows Rain to expand its global and compliant presence, expand platform capabilities, and invest in new products that redefine how payments are made around the world.
/PRNewswire/ — Rainthe enterprise-grade infrastructure for stablecoin-based 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 its total funding to over $338 million, and was completed just four months after the Series B round and 10 months after the Series A.
Stablecoins have rapidly evolved from a speculative segment of the cryptocurrency markets to one of the largest value transfer channels in the world. The next stage of adoption is to make tokenized money the default method by which businesses transfer funds and consumers get paid, save and spend. Bridging this gap requires an infrastructure that allows businesses to move to on-chain payment systems while preserving the familiar experiences their users already trust. Rain technology is designed to do just that.
“Stablecoins are rapidly becoming the medium for circulating money in the 21st century, but adoption by users around the world requires cards and apps that work seamlessly,” explains Farooq Malik, CEO and co-founder of Rain. “Over the past year our active card base has increased 30x and our annual payment volume has increased 38x, but we’re still early days. This funding allows us to bring this infrastructure to new markets and help even more businesses start and grow quickly everywhere.”
Rain’s end-to-end payments platform enables businesses to work with a single partner to launch compliant stablecoin cards that can be used wherever Visa is accepted, offer rewards, convert fiat to stablecoins, power secure wallets, and facilitate payments. Today, Rain technology facilitates more than $3 billion in annual transactions for more than 200 partners, including Western Union, Nuvei and KAST. Rain-powered programs can reach more than 2.5 billion people and support every type of transaction, from everyday consumer purchases, like morning coffee or airline tickets, to critical business expenses, like cloud services and digital advertising.
“We believe we are seeing a shift from traditional payment networks to a programmable digital asset infrastructure and that there is a short window of time to define the default platform that businesses will rely on,” adds Kamran Zaki, partner at ICONIQ. “In our view, Rain boasts a rare combination of full-stack technology, regulatory readiness and real scale. Their focus on making tokenized money a mainstream practice rather than a niche financial experiment could resonate and align with what large companies are looking for as they move from exploration to production.”
Rain will use the capital from the Series C round to expand its presence in key licensed markets in North America, South America, Europe, Asia and Africa, so partners can seamlessly launch compliant solutions around the world. The financing will also allow Rain to enhance its full-stack stablecoin-based payments platform, including through strategic acquisitions, and to invest early in new products that make stablecoin-based payments invisible to businesses and consumers.
Wachtell, Lipton, Rosen & Katz served as legal advisors to Rain in its Series C financing.
About Rain: Rain is the global stablecoin payments platform for businesses, neobanks, platforms and developers. Its technology enables partners to move, store and use stablecoins instantly and compliantly across global payment cards, rewards, on/off-ramps (conversions between fiat currency and stablecoins), wallets and cross-border channels. As a core member of Visa, Rain issues cards that work wherever Visa is accepted, enabling millions of purchases in more than 150 countries. Designed natively for stablecoins and trusted by over 200 enterprises worldwide, Rain offers a secure, scalable infrastructure that allows you to move money freely and instantly around the world. To find out more visit https://www.rain.xyz/.
About ICONIQ: ICONIQ is a global investment firm that catalyzes opportunities through an extraordinary community. Our venture capital and growth investment platform partners with visionaries who define the future of their industries to achieve uncommon results. By leveraging the insights and connectivity of our extraordinary community, we support the success of our portfolio companies at every stage, 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.
Contact with the media
Lucas Piazza
Marketing Director Rain
[emailprotected]
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