Rain, a global card issuing platform powered by stablecoins, has secured US$24.5 million in new funding, led by Norwest Venture Partners.
New investors include Galaxy Ventures, Goldcrest, Thayer, and Hard Yaka, while existing backers Lightspeed Venture Partners, Coinbase Ventures, Vinyl Capital, Canonical Crypto, and Latitude Capital also participated.
The company has also announced its principal membership with Visa, enabling it to expand card issuance in Europe and strengthen its operations in the US and Latin America.
With a vertically integrated issuing stack and Visa principal membership, Rain can sponsor and operate card programmes in multiple countries, with transactions settling in stablecoins.
Over the past year, the company has seen 15-fold growth, processing transactions in more than 100 countries.
“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 authorisation and settlement infrastructure that continues to unlock growth for our partners,”
said Farooq Malik, CEO and co-founder of Rain.
Rain has developed an infrastructure for stablecoin interoperability across fiat payment systems, allowing businesses to issue both B2B and consumer cards, available in physical and virtual formats.
These can be linked to self-custody wallets, custodial solutions, or traditional fiat accounts. Card users do not need to convert their cryptocurrency into government-issued currency to make payments.
The company operates an omni-chain system that enables native settlement across multiple blockchain networks, including Base, Polygon, Optimism, Avalanche, Arbitrum, ZKsync, and Solana, allowing for stablecoin and floating-rate token settlements on a daily basis.
As a Visa Principal Member, Rain facilitates card issuance on the Visa network.
Its stablecoin-native approach allows clients to develop and operate card programmes without relying on traditional fiat payment systems.
“Stablecoin adoption is accelerating as regulators have shown support and use cases have proliferated, and Rain is at the forefront of this paradigm shift,”
said Parker Barrile, Partner at Norwest Venture Partners.
“Rain’s card issuing platform combines fiat-grade compliance with the speed and flexibility of digital currency, and their traction with major financial institutions underscores their credibility, momentum, and market leadership.”
Featured image credit: edited from freepik
