Rain, an enterprise-grade infrastructure platform enabling stablecoin-powered payments, has announced a $250 million Series C funding round led by ICONIQ, with participation from Sapphire Ventures, Dragonfly, Bessemer Venture Partners, Galaxy Ventures, FirstMark, Lightspeed, Norwest, and Endeavor Catalyst.
As a result of the round, Rain achieved a valuation of $1.95 billion, increased its total funding to more than $338 million, and continued its rapid fundraising momentum just four months after closing its Series B and ten months after its Series A.
Over time, stablecoins have evolved swiftly from a niche, speculative segment of crypto markets into one of the world’s largest value-transfer rails. Now, the next stage of adoption focuses on making tokenized money the default mechanism through which businesses move funds and consumers receive, save, and spend money. However, crossing this adoption threshold requires infrastructure that enables enterprises to transition to on-chain payment rails while still preserving the seamless and familiar user experiences customers already trust. Rain has designed its technology specifically to meet this need.
Commenting on the milestone, Farooq Malik, CEO and Co-founder of Rain, said, “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.”
Meanwhile, Rain’s end-to-end payments platform enables enterprises to partner with a single provider to launch compliant stablecoin cards accepted everywhere Visa operates. In addition, the platform allows companies to offer rewards, convert fiat into stablecoins, power secure digital wallets, and facilitate seamless payouts. Today, Rain’s infrastructure processes more than $3 billion in annualized transaction volume for over 200 partners, including Western Union, Nuvei, and KAST. Furthermore, programs built on Rain’s platform can reach more than 2.5 billion people, supporting use cases ranging from everyday consumer purchases like coffee and airline tickets to critical business expenses such as cloud services and digital advertising.
Sharing ICONIQ’s perspective, Kamran Zaki, Partner at ICONIQ, stated, “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.”
Looking ahead, Rain plans to deploy the Series C capital to expand its footprint across key licensed markets in North America, South America, Europe, Asia, and Africa, enabling partners to launch compliant solutions seamlessly on a global scale. Additionally, the company will use the funding to further strengthen its full-stack stablecoin payments platform through strategic acquisitions and to invest proactively in new products that make stablecoin-powered payments effectively invisible to both businesses and consumers.
Finally, Wachtell, Lipton, Rosen & Katz acted as legal advisor to Rain for the Series C financing.
