Rain, a U.S.-based stablecoin infrastructure provider and a principal member of the Visa payment network, has raised $250 million in a Series C funding round as it accelerates global expansion and product development.
The round was led by global investment firm ICONIQ and values Rain at $1.95 billion. With this raise, the company’s total funding now exceeds $338 million, following a $58 million Series B round in August 2025 and a $24.5 million Series A completed earlier last year.
The Series C attracted broad participation from existing and new backers, including Sapphire Ventures, Dragonfly, Bessemer Venture Partners, Galaxy Ventures, the venture arm of Galaxy Digital, as well as FirstMark, Lightspeed, Norwest, and Endeavor Catalyst.
Founded to provide enterprise-grade infrastructure for stablecoin-powered payments, Rain enables companies to launch compliant payment cards that work anywhere Visa is accepted, convert fiat into stablecoins, manage secure wallets, and facilitate global payouts.
The platform currently supports more than $3 billion in annualized transaction volume across over 200 partners, including Western Union, Nuvei, and KAST.
Rain CEO and co-founder Farooq Malik said adoption is accelerating rapidly, noting that the company’s active card base has grown 30x over the past year, while annualized payment volume has increased 38x.
He added that the latest funding will help Rain bring its infrastructure to new markets and support enterprises looking to scale-based payment solutions worldwide.
According to ICONIQ partner Kamran Zaki, enterprises are increasingly moving from experimentation to production with digital-asset payments, creating a narrow window to establish default infrastructure. He cited Rain’s full-stack technology, regulatory readiness, and real-world scale as key differentiators.
Rain plans to use the new capital to expand across licensed markets in North America, South America, Europe, Asia, and Africa, pursue strategic acquisitions, and develop new products designed to make stablecoin-powered payments seamless and invisible for businesses and consumers.