Rain Raises $250M In A Series C Round

Rain has officially raised more funding to scale stablecoin-linked card payments.

Rain has continuously persisted in transforming everyday money movement. Not too long ago, the team had also raised a series B round at the end of August for $58M.

This round, the capital invested has quadrupled to $250M at a staggering $1.95B valuation. It was led by ICONIQ Capital, with familiar participants Dragonfly, GalaxyHQ and others.

Co-founder and CEO Farooq Mailk expressed:

“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.”

From first partnering with Visa to their recent acquisitions of FernHQ and UpTop, as well as regular partnerships with projects like Dinari and Plasma, Rain has come a long way.

Rain as a recent success story shouldn't be entirely argued; although the corporate use-case makes perfect sense now, their initial pitch in 2021 was perhaps not as lucrative to outsiders given the growth of pure web3 projects at the time.

As adoption with stablecoins grew, they doubled down on solving settlement bottlenecks for traditional finance across private credit and built an easy-to-use card infrastructure for everyday corporate spending and treasury management.