Rain, a NYC-based provider of an enterprise-grade infrastructure for stablecoin-powered payments, raised $250M in Series C funding, at $1.95 Billion valuation.
The round was led by ICONIQ, with participation from Sapphire Ventures, Dragonfly, Bessemer Venture Partners, Galaxy Ventures, FirstMark, Lightspeed, Norwest, and Endeavor Catalyst, bringing its total funding to over $338 million.
The company intends to use the funds to expand its presence in key licensed markets across North America, South America, Europe, Asia, and Africa, so partners can seamlessly launch compliant solutions around the world.
Led by CEO Farooq Malik, Rain provides a stablecoin payments platform for enterprises, neobanks, platforms, and developers. Its technology allows partners to move, store, and use stablecoins instantly and compliantly through global payment cards, rewards, on/offramps, wallets, and cross-border rails. As a Visa Principal Member, Rain issues cards that work anywhere Visa is accepted, powering millions of purchases in over 150 countries.It is used by more than 200 organizations worldwide.