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Rain, a provider of enterprise-grade infrastructure for stablecoin-powered payments, has raised $250 million in a Series C funding round.
The investment, led by ICONIQ, includes participation from Sapphire Ventures, Dragonfly, Bessemer Venture Partners, Galaxy Ventures, FirstMark, Lightspeed, Norwest, and Endeavor Catalyst.
This round values Rain at $1.95 billion, marking a 17x increase in valuation over the past 10 months, and boosts total funding to over $338 million.
The announcement comes amid a surge in stablecoin adoption, where tokenized assets are transforming global value transfer. Rain positions itself as the bridge for enterprises shifting to onchain systems without disrupting user experiences.
Key Takeaways
- Rain raised $250M Series C at $1.95B valuation to expand stablecoin payments globally.
- Active cards up 30x, payment volume 38x to $3B annualized with 200+ partners.
- Funds target licensed growth in five continents and new seamless payment products.
- Platform integrates stablecoins invisibly into familiar user experiences like Visa cards.
- Acquisitions like Uptop enhance on/offramps for enterprise-scale compliance.
Funding Background and Market Context
Stablecoins have transitioned from niche crypto tools to core financial infrastructure. In 2025, stablecoin transaction volumes exceeded $10 trillion, driven by demand for efficient cross-border payments.
Legacy systems like SWIFT and ACH often incur high fees and delays, while onchain rails enable near-instant settlements at fractions of the cost.
Rain's platform addresses adoption barriers by integrating stablecoins seamlessly into existing workflows. Enterprises can launch compliant card programs, wallets, and payouts via a single API.
As a Visa Principal Member, Rain issues cards accepted in over 150 countries, supporting everyday transactions from consumer purchases to business expenses.
The Series C follows Rain's Series B just four months prior and Series A 10 months ago, reflecting rapid momentum. Legal advisory was provided by Wachtell, Lipton, Rosen & Katz.
Growth Metrics and Partner Ecosystem
Over the past year, Rain has demonstrated explosive scaling. Active cards increased 30x, annualized payment volume grew 38x to over $3 billion, and the partner base expanded to more than 200 organizations.
Key partners include Western Union, Nuvei, and KAST, enabling programs that reach 2.5 billion users.
Partners leverage Rain to deploy stablecoin-based solutions without requiring users to adopt new behaviors or learn crypto fundamentals. For instance, cards convert fiat to stablecoins automatically, offering rewards and secure wallets.
This invisibility is central to Rain's approach: rebuilding payment rails while keeping them user-agnostic.
Recent acquisitions of Uptop and Fern Money have enhanced platform depth, adding capabilities in on/offramps and cross-border transfers.
Strategic Use of Funds
The $250 million will fuel geographic expansion across North America, South America, Europe, Asia, and Africa. Rain aims to broaden its licensed footprint, allowing partners to connect once and operate globally with compliance assurance.
Investments will deepen the full-stack platform, including further integrations and acquisitions. New products will focus on making stablecoin payments indistinguishable from traditional ones, such as enhanced rewards systems and instant payouts.
This aligns with broader industry trends, where enterprises seek programmable money for efficiency. Rain's infrastructure supports diverse use cases, from neobanks issuing cards to platforms handling high-volume transactions.
Leadership Perspectives
Farooq Malik, CEO and Co-founder of Rain, emphasized the funding's role in scaling: "Stablecoins are quickly becoming the way money moves in the 21st century, but adoption by users worldwide requires cards and apps that just work. In the last year, our active card base has increased 30x and our annualized payment volume has increased 38x, but we’re still in the early innings. This funding lets us bring that infrastructure to new markets and help additional enterprises go live and scale quickly everywhere."
Kamran Zaki, Partner at ICONIQ, highlighted the opportunity: "We believe we’re witnessing a shift from legacy payment networks to programmable digital-asset infrastructure, and there is a brief window to help define the default platform enterprises will rely on. In our view, Rain has a rare combination of full-stack technology, regulatory readiness, and real-world scale. Their focus on making tokenized money mainstream, rather than a niche financial experiment, may resonate and align with what large enterprises are looking for as they move from exploration to production."
Conclusion
Rain's $250M Series C positions it to lead the shift to onchain payments, delivering scalable, compliant infrastructure that accelerates enterprise adoption worldwide.
Read Next:
- 2025 Stablecoin Year-End Report
- 2025 Stablecoin Spending Report
- Who Is Winning the Stablecoin Infrastructure Race?
FAQs:
1. What is Rain's core technology?
Rain provides end-to-end infrastructure for stablecoin payments, including cards, wallets, and cross-border rails.
2. How does Rain ensure compliance?
As a Visa Principal Member, Rain operates with licensed footprints in multiple regions, enabling global, regulated solutions.
3. What growth has Rain achieved?
Active cards grew 30x, partners reached 200+, and annualized volume hit $3B with 38x increase.
4. How will the funding be used?
To expand markets, deepen platform via acquisitions, and develop products for invisible stablecoin integration.
5. Who are Rain's key investors?
Led by ICONIQ, with Sapphire Ventures, Dragonfly, Bessemer, Galaxy, FirstMark, Lightspeed, Norwest, and Endeavor Catalyst.
Disclaimer:
This content is provided for informational and educational purposes only and does not constitute financial, investment, legal, or tax advice; no material herein should be interpreted as a recommendation, endorsement, or solicitation to buy or sell any financial instrument, and readers should conduct their own independent research or consult a qualified professional.
