Rain, a global platform specialising in card issuance through stablecoins, has raised $24.5m in new funding.
The investment round was led by Norwest Venture Partners, with participation from new investors Galaxy Ventures, Thayer, Goldcrest, and Hard Yaka. Existing backers such as Lightspeed Venture Partners, Vinyl Capital, Coinbase Ventures, Latitude Capital, and Canonical Crypto also contributed to the funding.
Norwest Venture Partners partner Parker Barrile said: “Stablecoin adoption is accelerating as regulators have shown support and use cases have proliferated, and Rain is at the forefront of this paradigm shift.
“Rain’s card issuing platform combines fiat-grade compliance with the speed and flexibility of digital currency, and their traction with major financial institutions underscores their credibility, momentum, and market leadership.”
In addition to this financial boost, Rain has attained principal membership with Visa. This partnership aims to enhance Rain’s card issuance operations within Europe and bolster existing programs across the US and Latin America.
Rain’s technological infrastructure supports the interoperability of stablecoins across fiat systems, facilitating businesses in issuing both physical and virtual B2B and consumer cards. These cards connect directly to self-custody wallets, custodial solutions, or traditional fiat accounts without requiring users to convert cryptocurrencies into government-issued money.
Operating a vertically integrated issuing system alongside its Visa principal membership allows Rain to support card programmes globally using stablecoin settlements. Over the past year, Rain has witnessed significant growth, processing transactions in over 100 countries.
The company utilises an omni-chain architecture that supports native settlement on various blockchain networks. These include Base, Optimism, Avalanche, Polygon, Arbitrum, Solana, and ZKsync for stablecoin and floating-rate token settlements on a daily schedule.
Established in 2021 by Farooq Malik and Charles Naut, Rain acts as a Visa Principal Member to enable partners with card issuing on the Visa network. By doing so, Rain facilitates the development of innovative programmes that operate independently of conventional fiat payment systems.
Malik said: “We have been serving large global businesses with our flexible issuing and stablecoin orchestration stack for the last several years. This new funding allows us to increase interoperability with existing rails, expand our footprint, and invest in our stablecoin authorisation and settlement infrastructure that continues to unlock growth for our partners.”
