Rain Secures $24.5 Million for Expansion of Stablecoin Card Offerings

The firm aims to enhance its operations throughout Europe, the United States, and Latin America, bolstered by its status as a Visa Principal Member.

Robust Participation in Funding Round
Rain, an international platform for issuing payment cards backed by stablecoins, has successfully raised $24.5 million in its latest funding round. This round was spearheaded by Norwest Venture Partners, with additional investments from Galaxy Ventures, Goldcrest, Thayer, and Hard Yaka. Existing backers, including Lightspeed Venture Partners, Coinbase Ventures, Vinyl Capital, Canonical Crypto, and Latitude Capital, also reaffirmed their support.

Although the company has not revealed its valuation or the specifics of the investment stage, the ongoing interest from both new and existing investors underscores confidence in Rain’s infrastructure and business model. The platform allows businesses to create both physical and virtual cards that function directly on stablecoin networks, eliminating the need for conversion to fiat currency.

Facilitating Crypto-Native Payments
Rain offers a technological framework that enables businesses to issue cards that settle in stablecoins, permitting users to make payments without relying on conventional banking intermediaries. The company facilitates integration with various blockchain networks, such as Base, Polygon, Avalanche, and Solana, through its omni-chain infrastructure. Depending on their needs, cards can be connected to custodial wallets, self-custody solutions, or traditional bank accounts.

As stated by investors, the adoption of stablecoins is on the rise, driven by global regulatory changes that favor institutional applications. Parker Barrile, a Partner at Norwest Venture Partners, noted that Rain is merging “fiat-grade compliance with the speed and flexibility of digital currency,” presenting a model that aligns with the evolving demands of payment systems.

Visa Partnership Enhances Global Presence
In a move to strategically expand, Rain has achieved Visa Principal Member status. This credential enables the company to issue and manage card programs directly in several markets, including Europe, the United States, and Latin America, utilizing the Visa network.

Farooq Malik, co-founder and CEO of Rain, mentioned that the new funding will facilitate further integration with traditional payment systems, international growth, and improvements to the platform’s stablecoin settlement infrastructure. “This funding allows us to enhance interoperability with existing systems, broaden our reach, and invest in our stablecoin authorization and settlement infrastructure,” he remarked.

Company Overview and Future Directions
Established in 2021 by Farooq Malik and Charles Naut, Rain is based in the United States. In the past year, the firm has experienced significant growth, reporting a 15-fold increase in transaction volume and expanding its services to over 100 countries. Rain caters to both B2B and consumer card issuance, serving a diverse range of sectors, including financial services, cryptocurrency platforms, and international trade.

With an expanding roster of institutional investors, capabilities for cross-border transactions, and a technological foundation optimized for stablecoin payments, Rain continues to innovate tools that empower businesses to manage crypto-native card programs on a global scale.