Rain, a card issuing platform for stablecoins, has secured $24.5 million in new funding, with Norwest Venture Partners leading the round.
New investors joining this funding round include Galaxy Ventures, Goldcrest, Thayer, and Hard Yaka. Existing investors such as Lightspeed Venture Partners, Coinbase Ventures, Vinyl Capital, Canonical Crypto, and Latitude Capital also took part in the funding.
In conjunction with this latest funding, Rain has obtained principal membership with Visa, establishing a partnership to enhance its issuance footprint in Europe, while also expanding its operations in the US and Latin America.
Rain has developed a robust infrastructure for stablecoin interoperability across fiat rails, enabling businesses to issue both B2B and consumer cards, available in physical and virtual formats. These cards can be linked directly to self-custody wallets, custodial solutions, or traditional fiat accounts. The company operates on multiple blockchain networks, including Base, Polygon, Optimism, Avalanche, Arbitrum, ZKsync, and Solana, facilitating daily stablecoin and floating-rate token settlements.
There has been a growing global interest in stablecoins as a fast cross-border payment option. Reflecting this trend, Rain has experienced over 15x growth in the past twelve months, processing transactions in more than 100 countries.
Farooq Malik, CEO and co-founder of Rain, 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.”