Rain Secures $24.5M Funding to Accelerate Stablecoin Card Issuance Expansion
Rain, a cutting-edge global card issuing platform leveraging stablecoins, has successfully raised US$24.5 million in its latest funding round, led by Norwest Venture Partners. This substantial investment highlights the growing interest in stablecoin solutions within the financial technology sector.
New Investors Join Rain’s Funding Round
Alongside Norwest, several new investors participated, including Galaxy Ventures, Goldcrest, Thayer, and Hard Yaka. Existing supporters such as Lightspeed Venture Partners, Coinbase Ventures, Vinyl Capital, Canonical Crypto, and Latitude Capital also contributed to this funding initiative.
Expansion of Card Issuance with Visa Membership
With the announcement of its principal membership with Visa, Rain is poised to enhance its card issuance capabilities in Europe while solidifying its operations in the US and Latin America. This membership allows Rain to:
- Sponsor and operate card programs across multiple countries.
- Facilitate transactions that settle in stablecoins.
Impressive Growth and Market Reach
Over the past year, Rain has achieved remarkable success, experiencing a 15-fold growth in its operations and processing transactions in more than 100 countries.
CEO Insights on Future Expansion
Farooq Malik, CEO and co-founder of Rain, emphasized the significance of this funding: “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.”
Innovative Infrastructure for Stablecoin Interoperability
Rain has built a comprehensive infrastructure that supports stablecoin interoperability across fiat payment systems. This allows businesses to issue both B2B and consumer cards, which are available in:
- Physical formats
- Virtual formats
These cards can be linked to self-custody wallets, custodial solutions, or traditional fiat accounts, enabling users to make payments without converting cryptocurrency into fiat currency.
Omni-Chain System for Seamless Transactions
The company operates an omni-chain system, facilitating native settlement across multiple blockchain networks, including:
This setup allows for daily settlements in stablecoins and floating-rate tokens.
Leading the Charge in Stablecoin Adoption
Parker Barrile, Partner at Norwest Venture Partners, remarked, “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.”
For more information on Rain and its innovative solutions, visit their official website at Rain.com.
