Rain, the stablecoin payment company, announced completion of a $250 million funding round, valuing the company at $1.95 billion post-money. The round was led by ICONIQ with participation from Sapphire Ventures, Dragonfly, Bessemer, Lightspeed, and Galaxy Ventures. Rain’s total funding now exceeds $338 million.
Farooq Malik, co-founder and CEO of Rain, said the funds will be used to expand its operations across North America, South America, Europe, Asia, and Africa, and to help the company adapt to the rapidly changing global regulatory environment. Rain currently issues stablecoin payment cards in over 150 countries through a Visa partnership, enabling cardholders to make purchases at local merchants or withdraw cash from ATMs. The company also plans to integrate with payment systems such as US ACH and European SEPA through partner financial institutions. Malik noted that the company may pursue strategic acquisitions in the future, having already acquired rewards platform Uptop and currency conversion platform Fern in the past year.
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