Paymentology, a global issuer-processor, announces its partnership with Rain, a corporate spend management platform that specializes in catering to international companies and companies in the digital asset and Web3 space.
The collaboration is a first for the fintech industry “with the launch of a new payment solution for digital asset businesses throughout the Caribbean and Latin America.”
Founded in 2021, Rain has emerged as the platform for Web3 entities.
It’s designed to accommodate “the governance and operation models of Web3 teams while allowing them to take advantage of fiat interoperability and payment acceptance at merchants across the globe.”
Paymentology is Rain’s issuer processing partner, and its cloud-first card issuing and analytics platform “is powering Rain’s physical and virtual Visa® credit cards.”
These cards play a pivotal role in “enabling the integration of digital assets within the fiat ecosystem.”
Through this strategic partnership, Rain empowers businesses “with true interoperability, offering an industry first solution that allows companies to instantly spend their digital assets.”
This is made possible by Rain’s settlement technology and on-chain infrastructure, in conjunction “with the support of Paymentology’s proven next-generation solutions.”
Initially focusing on the Latin America and Caribbean (LAC) region, Rain intends to expand further afield “into other regions, thanks to Paymentology’s API-first approach, which enables global expansion.”
Rain’s vision is to become the go to spend management platform for Web3 teams worldwide.
This announcement comes as the crypto market “continues to surge, with Latin America experiencing an unprecedented boom in digital currency adoption.”
In 2022, Latin America accounted “for 9.1% of the global crypto value received, amounting to $562 billion between July 2021 and June 2022, marking an impressive 40% growth during this period.”
Farooq Malik, Co-Founder of Rain, commented:
“At Rain, we take immense pride in being the pioneers of a solution that combines on-chain infrastructure and interoperability with fiat rails for the digital asset ecosystem. Our collaboration with Paymentology has enabled us to service some of the largest teams within the Web3 ecosystem. With the support of Paymentology’s reliable solutions, we’re excited to offer our solutions to our valued customers.”
Alejandro Del Rio, Regional Director for Latam at Paymentology, added:
“With around 70% of the population in Latin America considered unbanked or underbanked, it comes as no surprise that crypto adoption has surged in this region. We are delighted to achieve this industry-first milestone with Rain, and we look forward to achieving many more milestones for the Latam fintech industry, and beyond.”
