Rain Raises $58 Million to Expand Global Stablecoin Infrastructure Platform
Rain raised $58 million in a Series B funding round to expand its global stablecoin infrastructure platform and services.
The company’s technology is used by enterprises, neobanks, platforms and developers to move, store and use stablecoins instantly and compliantly through global payment cards, on/offramps, wallets and cross-border rails, according to a Thursday (Aug. 28) press release.
The latest fundraise came five months after Rain’s Series A and brings the company’s total funding to $88.5 million, the release said.
The Series B also came at a time when enterprise interest in stablecoins has surged after the passage of the GENIUS Act in the United States and the Markets in Crypto-Assets Regulation (MiCA) framework in Europe, per the release.
“Stablecoins are shifting to the backbone of global commerce,” Rain CEO and co-founder Farooq Malik said in the release.
Jai Das, president and partner at Sapphire Ventures, which led the funding round, said in the release that Rain is working to “redefine the future of payments.”
“Stablecoins have scaled to hundreds of billions in circulation, but until now, they couldn’t be easily spent,” Das said. “Rain is working to fix that by connecting stablecoins to Visa’s global network, turning them into money you can actually use for everyday commerce.”
Rain is a Visa principal member, enabling it to issue cards that work anywhere Visa is accepted, per the release.
The company announced in May that it joined Visa’s pilot program for stablecoin settlement and that by fully tokenizing its credit card receivables and transitioning all settlement transactions for its Visa cards to the USDC stablecoin, it can conduct settlement seven days a week, 365 days a year.
“USDC settlement allows us to be more capital efficient — helping to reduce the need for collateral while providing our counterparties the same level of protection,” Malik said at the time in a press release.
Rain also announced in May that it expanded to support three more ecosystems, Solana, Tron and Stellar, to enable its partners to launch stablecoin-powered card programs across more blockchains.
With these integrations, Rain said it can help its partners use stablecoins for consumer and B2B spending, cross-border disbursements and platform payouts.
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