Rain, a US-based infrastructure provider for stablecoin payments, has raised US$250 million in a Series C funding round led by ICONIQ.

The round also included participation from Sapphire Ventures, Dragonfly, Bessemer Venture Partners, Galaxy Ventures, FirstMark, Lightspeed, Norwest, and Endeavor Catalyst.

The round values Rain at US$1.95 billion and brings total funding to over US$338 million, coming just four months after its Series B and ten months after its Series A.

More businesses and consumers are using stablecoins to transfer value in global payments.

Rain provides infrastructure that allows enterprises to adopt on-chain payment rails while maintaining familiar user experiences.

Its platform lets companies launch compliant stablecoin cards that work wherever Visa is accepted, convert fiat into stablecoins, manage wallets, and process payouts.

“Stablecoins are quickly becoming the way money moves in the 21st century, but adoption by users worldwide requires cards and apps that just work,”

said Farooq Malik, CEO and Co-founder of Rain.

“In the last year, our active card base has increased 30x and our annualised 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.”

Rain’s technology currently processes over US$3 billion in annualised transactions for more than 200 partners, including Western Union, Nuvei, and KAST.

Its platform reaches programmes capable of serving 2.5 billion people globally.

The Series C funds will support Rain’s expansion into licensed markets across North America, South America, Europe, Asia, and Africa.

They will also enable further development of its stablecoin payments platform, including potential strategic acquisitions.

This article first appeared on fintechnews.ch

Featured image credit: Edited by Fintech News America, based on image by freepik