Rain Secures $250M Funding to Scale Stablecoin Cards and Payment Rails

Rain, a company that builds stablecoin payment infrastructure, raised $250 million in a Series C funding round led by ICONIQ. The deal valued the New York-based firm at a $1.95 billion post-money valuation. Rain also stated that the valuation rose about 17 times since last March.

The financing announcement arrived less than five months after Rain announced a $58 million Series B round. It also followed a $24.5 million Series A round about 10 months earlier. Rain said the latest raise pushed total funding above $338 million.

Sapphire Ventures, Dragonfly, Bessemer Venture Partners, Galaxy Ventures, FirstMark, Lightspeed, Norwest, and Endeavor Catalyst also joined the Series C. The company further stated that it will use the new capital for expansion, licensing work, and product development.

Rain Expands Enterprise Stablecoin Card and Wallet Programs

Rain launched in 2021 and provides payment tools that bring tokenized dollars into everyday spending. Its platform lets enterprises convert fiat into stablecoins, load wallets, and issue stablecoin-linked cards. The cards run on the Visa network allowing holders to use them at merchants and withdraw cash at ATMs in over 150 countries.

Furthermore, the firm connects blockchain-based money with traditional payment systems. It lets businesses convert fiat currency into stablecoins and manage balances. Companies can then pay vendors, employees, or customers using stablecoins.

Chief executive Farooq Malik said the firm grew over the past year. He reported a 30x increase in the active card base and a 38x jump in annualized payment volume. Rain also said its technology supports over $3 billion in annualized transactions. It serves more than 200 companies, including Western Union, Nuvei, and KAST.

Growth strategy targets new regions and licenses

Rain said it plans to expand across North America and South America. It also aims to deepen operations in Europe, Asia, and Africa. The company said it wants to grow its enterprise customer base in each region.

Malik told Bloomberg that the company wants to allocate resources to engage with regulators. He expects more jurisdictions to publish rules for stablecoins, custody, wallets, and related infrastructure. The company expects licensing work to shape its go-to-market timeline in each region.

The firm also plans to connect with additional payment systems through partner institutions. The company stated that it is working on U.S. ACH transfers and the European SEPA network. Those links could support more settlement options for enterprise clients.

Rain said acquisitions may support product expansion and market entry. The company acquired rewards platform Uptop and currency conversion platform Fern. The firm said it will continue to invest in capabilities that support stablecoin payments.

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Investors back programmable payment infrastructure

ICONIQ partner Kamran Zaki said enterprises are shifting from legacy networks to programmable infrastructure. He stated that firms now select platforms as they move from testing to production. Zaki noted the firm’s focus on mainstream use cases may match enterprise demand.

Malik also added that the new capital will help Rain enter new markets and support more launches.

“Stablecoins are quickly becoming the way money moves in the 21st century, but adoption by users worldwide requires cards and apps that just work,” Rain’s CEO and Co-founder, Farooq Malik, stated.

Rain’s round landed during a recovery in fintech venture activity. Crunchbase data indicate that global venture funding to fintech startups reached over $52 billion across 3,733 deals in 2025. The funding followed $40.9 billion across 4,813 deals in 2024.

Stablecoins have also gained attention from large financial institutions because they offer near-instant settlement and easier cross-border transfers. Moreover, a clear US regulatory stance has encouraged traditional firms to explore crypto products.

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