Rain, a global card issuing platform powered by stablecoins, announced $24.5 million in new funding led by Norwest Venture Partners.
New investors joining the funding round included the following: Galaxy Ventures, Goldcrest, Thayer, and Hard Yaka. Existing investors Lightspeed Venture Partners, Coinbase Ventures, Vinyl Capital, Canonical Crypto, and Latitude Capital also participated.
Rain also announced its principal membership with Visa, partnering with the network to “build their issuance footprint in Europe while expanding their current issuance across the U.S. and Latin America.”
With its vertically integrated issuing stack and Visa principal membership, Rain is able to sponsor and “operate card programs in many countries across the globe with transactions settling in stablecoins.”
Rain has grown more than 15x in the last twelve months, “with transactions processed in over 100 countries.”
Farooq Malik, CEO and co-founder of Rain 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 authorization and settlement infrastructure that continues to unlock growth for our partners.”
Rain has built the infrastructure for stablecoin interoperability across fiat rails, enabling businesses to “issue B2B and consumer cards, with both physical and virtual options, linked directly to self-custody wallets, custodial solutions, or traditional fiat accounts.”
Card users don’t need to convert their crypto “to pay with government-issued currency.”
Instead, Rain operates an omni-chain stack powering native settlement on multiple blockchain networks, “including Base, Polygon, Optimism, Avalanche, Arbitrum, ZKsync, and Solana, to process stablecoin and floating-rate token settlement on a daily basis.”
As a Visa Principal Member, Rain enables partners “with issuing on the Visa network.”
As a stablecoin native enabler on the Visa network, Rain clients can develop and operate new “types of programs without dependencies on fiat payment rails.”
Parker Barrile, Partner at Norwest Venture Partners 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.”
As noted in the update, Rain is a global card issuing platform powered by stablecoins.
The company, which was founded in 2021 by Farooq Malik and Charles Naut, sponsors and operates card programs “as a Visa principal member.”
