Rain, which provides infrastructure that lets companies issue stablecoin-linked wallets and payment cards, said it raised $250 million in a Series C round led by ICONIQ, valuing the company at $1.95 billion.
The financing also drew participation from Sapphire Ventures, Dragonfly, Bessemer Venture Partners, Galaxy Ventures, FirstMark, Lightspeed, Norwest and Endeavor Catalyst, Rain said.
The round brings Rain’s total funding to more than $338 million and comes four months after its Series B and 10 months after its Series A.
Stablecoins—cryptocurrencies typically pegged to assets such as the U.S. dollar—are increasingly used for cross-border transfers and settlement, drawing interest as digital assets move closer to mainstream finance.
Rain said its platform enables enterprises to launch compliant stablecoin cards usable wherever Visa is accepted, alongside services such as fiat-to-stablecoin conversion, rewards, secure wallets and payouts.
The company said its technology facilitates more than $3 billion in annualised transactions for more than 200 partners, naming Western Union, payments firm Nuvei and KAST among users of its rails. Programs built on Rain can reach over 2.5 billion people, it added.
Chief executive Farooq Malik said Rain’s active card base rose 30-fold over the past year and its annualised payment volume increased 38-fold, adding the company remains “in the early innings.”
ICONIQ partner Kamran Zaki said the firm expects a shift from legacy payment networks toward programmable digital-asset infrastructure and that Rain’s full-stack approach, regulatory readiness and scale position it to serve enterprises moving from pilots to production.
Rain said it will use the proceeds to expand across licensed markets in North America, South America, Europe, Asia, and Africa, deepen its full-stack stablecoin payments platform, pursue strategic acquisitions and build products aimed at making stablecoin payments “invisible” to end users.
The speed of Rain’s fundraising and the jump to a $1.95 billion valuation suggest investors are favoring “picks-and-shovels” providers as stablecoins migrate from trading desks to everyday commerce.
The next test is execution: scaling compliantly across jurisdictions while competing with banks, card issuers and other crypto payments firms also racing to become the default enterprise rail for tokenized money.
