Rain Secures $24.5 Million Funding to Accelerate Global Expansion of Stablecoin Card Services

Rain Secures $24.5 Million Funding to Accelerate Global Expansion of Stablecoin Card Services

Rain, a prominent global card issuing platform utilizing stablecoins, has successfully secured $24.5 million in a recent funding round. This investment is strategically aimed at enhancing its international growth.

Funding Details and Participants

The funding round was spearheaded by Norwest Venture Partners, with support from new investors such as Galaxy Ventures, Goldcrest, Thayer, and Hard Yaka. Additionally, existing backers including Lightspeed Venture Partners, Coinbase Ventures, Vinyl Capital, Canonical Crypto, and Latitude Capital also participated in this round.

About Rain

Founded in 2021, Rain offers both physical and virtual payment cards that are directly linked to stablecoin balances. Operating in over 100 countries, the platform provides businesses with a seamless integration of stablecoin infrastructure and card issuing capabilities.

CEO Insights on Growth and Future Plans

Rain’s CEO and co-founder, Farooq Malik, expressed his enthusiasm about the new funding. He stated, “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.”

Market Position and Industry Perspectives

According to Parker Barrile, a partner at Norwest Venture Partners, “Stablecoin adoption is accelerating as regulators have shown support and use cases have proliferated. Rain is at the forefront of this paradigm shift.” He further highlighted that Rain’s card issuing platform merges fiat-grade compliance with the speed and flexibility of digital currency. Their established relationships with major financial institutions emphasize their credibility, momentum, and market leadership.

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Conclusion

The recent funding round marks a significant milestone for Rain as it enhances its capabilities and expands its market presence. As the demand for stablecoin solutions continues to rise, Rain is well-positioned to lead the way in the evolving landscape of digital finance.

For more information about Rain and its offerings, visit their official website at Rain.com.

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