Rain raised $250 million in a Series C round led by ICONIQ, with participation from Sapphire Ventures, Dragonfly, Bessemer Venture Partners, Galaxy Ventures, FirstMark, Lightspeed, Norwest, and Endeavor Catalyst. The round valued Rain at $1.95 billion, bringing its total funding to $338 million after prior rounds. The company will use the new capital to expand its stablecoin settlement infrastructure to new markets and help more enterprises go live and scale quickly.
Rain offers an end-to-end payments platform that enables companies to launch compliant stablecoin cards that work wherever Visa is accepted. Farooq Malik, Rain’s CEO and co-founder, said stablecoins are increasingly how money moves, but adoption requires cards and apps that just work, noting that the active card base and annualized payment volume have surged while the company is still in the early innings. He added that the funding will help extend that infrastructure to new markets and accelerate enterprise deployment.
Rain believes tokenized money will be the default for business payments and consumer earnings, with infrastructure that lets enterprises shift to on‑chain rails while preserving familiar user experiences. Kamran Zaki, Partner at ICONIQ, praised Rain’s full‑stack technology, regulatory readiness, and real-world scale, saying it may resonate with large enterprises moving from exploration to production. Rain also claims to facilitate more than $3 billion in annualized transactions for over 200 partners, including Western Union, Nuvei, and KAST, with programs on its platform having the potential to reach over 2.5 billion people worldwide.
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