Rain, a global card issuing platform powered by stablecoins, announced on Monday that it has raised $24.5 million in a funding round led by Norwest Venture Partners. Galaxy Ventures, Goldcrest, Thayer, Hard Yaka, and existing investors such as Lightspeed Venture Partners, Coinbase Ventures, Vinyl Capital, Canonical Crypto, and Latitude Capital also participated in the round.
Excited to announce $24.5M in new funding for Rain led by @NorwestVP with participation from new investors @Galaxyhq, @CompoSecure, Goldcrest, Vinyl, @BDMIFund, @LatitudeCapital, Thayer and @_hardyaka, and existing investors @lightspeedvp, @cbventures, and @CanonicalCrypto.… pic.twitter.com/q7QjkKAaXa
— Rain (@raincards) March 24, 2025
The company aims to use the funds to expand its operations and develop its infrastructure for stablecoin interoperability across fiat rails. Rain’s platform allows businesses to issue both physical and virtual cards linked directly to self-custody wallets, custodial solutions, or traditional fiat accounts. This enables card users to make payments in stablecoins without the need to convert their crypto into government-issued currency.
Rain’s vertically integrated issuing stack and Visa principal membership have positioned it as a leader in stablecoin-enabled card programs. The company processes transactions across more than 100 countries and has achieved remarkable growth—reporting a 15-fold increase in revenue over the past year.
Farooq Malik, CEO and co-founder of Rain, highlighted the significance of this funding round:
“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.”
Malik emphasized Rain’s commitment to providing seamless solutions for businesses and consumers alike.
The announcement comes amid the growing adoption of stablecoins globally. Last year, stablecoin transaction volumes surpassed those of Visa and Mastercard combined, signaling a shift in how digital assets are being utilized for everyday transactions.
Other players in the crypto payments space have also made headlines recently—RedotPay raised $40 million earlier this month, while Mesh secured $82 million for its web3 payments system.
Rain’s innovative approach leverages blockchain networks such as Base, Polygon, Optimism, Avalanche, Arbitrum, ZKsync, and Solana to process stablecoin settlements efficiently. With its Visa Principal Membership, Rain enables partners to develop card programs without relying on traditional fiat payment rails.
As stablecoin adoption accelerates globally—driven by regulatory support and diverse use cases such as cross-border payments and remittances—Rain is positioned at the forefront of this paradigm shift. Investors like Norwest Venture Partners have expressed confidence in Rain’s ability to combine fiat-grade compliance with the speed and flexibility of digital currencies.
Editorial Note: This news article has been written with assistance from AI. Edited & fact-checked by the Editorial Team.
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