Rain, an enterprise-grade stablecoin payment infrastructure provider, 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 — a more than 17x increase from its Series A valuation just 10 months ago. Total funding to date exceeds $338 million.
Rapid Funding Cadence: A to C in 10 Months
This Series C comes only four months after Rain's Series B and within 10 months of its Series A. The accelerated capital injection reflects stablecoins' evolution from a speculative crypto niche to one of the largest value-transfer rails worldwide. Rain's end-to-end platform enables enterprises to issue compliant stablecoin cards that work anywhere Visa is accepted, offer rewards, convert fiat to stablecoins, power secure wallets, and facilitate payouts. Today, Rain facilitates over $3 billion in annualized transactions for more than 200 partners, including Western Union, Nuvei, and KAST. Programs built on Rain can reach over 2.5 billion people, powering everything from daily coffee purchases to airline tickets and enterprise expenses like cloud services and digital advertising.
CEO: Active Card Base Up 30x, Payment Volume Up 38x
Farooq Malik, CEO and Co-founder of Rain, stated: "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."
ICONIQ: Programmable Digital Asset Window
Kamran Zaki, Partner at ICONIQ, commented: "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. Rain has a rare combination of full-stack technology, regulatory readiness, and real-world scale. Their focus on making tokenized money mainstream resonates with what large enterprises need as they move from exploration to production." Wachtell, Lipton, Rosen & Katz served as legal advisor to Rain on this round.
Use of Funds: Global Expansion and Strategic Acquisitions
Rain will deploy the Series C capital to expand its presence in key licensed markets across North America, South America, Europe, Asia, and Africa, enabling partners to launch compliant solutions seamlessly. The funding will also deepen its full-stack stablecoin payments platform, including through strategic acquisitions, and invest in new products that make stablecoin-powered payments "invisible" to businesses and consumers. As a Visa Principal Member, Rain issues cards that work wherever Visa is accepted across 150+ countries, supporting over 200 organizations with secure, scalable infrastructure.