Rain, which provides enterprise infrastructure for stablecoin-powered payments, has raised a $250 million Series C round led by ICONIQ, valuing the company at $1.95 billion. The financing brings Rain’s total funding to more than $338 million, and follows its Series B by about four months and its Series A by about 10 months.
Sapphire Ventures, Dragonfly, Bessemer Venture Partners, Galaxy Ventures, FirstMark, Lightspeed, Norwest, and Endeavor Catalyst also participated. Rain said it will use the new capital to expand in key licensed markets across North America, South America, Europe, Asia, and Africa; deepen its full-stack platform; pursue strategic acquisitions; and invest in new products to make stablecoin payments “invisible” to businesses and consumers.
Rain’s platform is designed to let enterprises adopt on-chain payment rails while keeping familiar user experiences. The company said it enables partners to launch compliant stablecoin card programs that work anywhere Visa is accepted, manage fiat-to-stablecoin conversion, offer rewards, power secure wallets, and facilitate payouts. Rain said it is a Visa Principal Member and that its technology supports more than $3 billion in annualized transactions for more than 200 partners, citing Western Union, Nuvei, and KAST, with programs capable of reaching more than 2.5 billion people and supporting purchases and business expenses across more than 150 countries.
Support: Wachtell, Lipton, Rosen & Katz served as legal advisor to Rain on the financing.
KEY QUOTES:
“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 annualized 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.”
Farooq Malik, CEO and Co-founder, Rain
“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 tokenized 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.”
Kamran Zaki, Partner, ICONIQ
