Rain, a stablecoin payments infrastructure provider, has raised $250 million in a Series C funding round led by ICONIQ valuing the company at $1.95 billion and bringing its total funding to more than $338 million.
The funding round included participation from Sapphire Ventures, Dragonfly, Bessemer Venture Partners, Galaxy Ventures, FirstMark, Lightspeed, Norwest, and Endeavor Catalyst.
Rain closed its Series B just four months ago and its Series A less than a year ago representing a more than 17x valuation increase in roughly 10 months.
Stablecoins Move From Experiment to Core Payment Rail
Once viewed primarily as trading tools within crypto markets stablecoins are increasingly being used as global value-transfer rails.
Rain said it is positioning itself at the center of that transition by providing infrastructure that allows companies to adopt onchain payment rails without disrupting familiar user experiences.
Its platform allows businesses to integrate stablecoins while maintaining compliance, usability and compatibility with existing payment networks.
“Stablecoins are quickly becoming the way money moves in the 21st century,” said Rain CEO and co-founder Farooq Malik. “But adoption at scale requires payments that simply work for users. This funding allows us to bring that infrastructure to new markets and help enterprises scale globally.”
Enterprise-Grade Infrastructure With Global Reach
Rain’s end-to-end platform allows companies to issue compliant stablecoin-linked cards accepted anywhere Visa is supported, convert fiat into stablecoins, manage wallets, enable rewards, and facilitate payouts — all through a single partner.
The company currently facilitates more than $3 billion in annualized transaction volume across over 200 partners, including Western Union, Nuvei and KAST.
Rain is a Visa Principal Member and issues cards that operate in over 150 countries positioning it as a bridge between traditional payment rails and blockchain-based settlement.
Funding to Drive Global Expansion and Product Growth
Rain plans to use the Series C capital to expand its licensed footprint across North America, South America, Europe, Asia, and Africa, allowing partners to launch compliant stablecoin payment products globally. The company also intends to deepen its full-stack capabilities, including through potential strategic acquisitions and new product development.
ICONIQ partner Kamran Zaki said Rain represents a rare combination of regulatory readiness, full-stack technology, and real-world scale.
“We believe there is a brief window to define the default platform enterprises will rely on as they move from stablecoin experimentation to production,” Zaki said.
As regulatory clarity improves and enterprises increasingly seek programmable, always-on payment infrastructure, Rain is betting that stablecoin-powered payments will become a foundational layer of the global financial system.
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