Rain, a fintech company specializing in stablecoin infrastructure, has raised $58 million in a Series B funding round, bringing its total funding to $88.5 million.
Why it matters: The investment highlights growing confidence in stablecoins’ potential to revolutionize global payment processing and commerce.
The details:
- The funding was led by Sapphire Ventures, with participation from Dragonfly, Galaxy Ventures, Endeavor Catalyst, Samsung Next, Lightspeed, and Norwest.
- Rain’s platform is used by enterprises, neobanks, platforms, and developers to manage, move, and store stablecoins instantly and compliantly.
- As a Visa principal member, Rain can issue cards that work wherever Visa is accepted and has joined Visa’s pilot program for stablecoin settlement.
- The company has expanded to support three additional ecosystems, enabling partners to launch stablecoin-powered card programs across more blockchains.
What they’re saying:
- “Stablecoins are shifting to the backbone of global commerce. In its earliest form, money moved instantly. We’ve spent centuries slowing it down.” – Farooq Malik, Rain CEO and co-founder
- “Stablecoins have scaled to hundreds of billions in circulation, but they couldn’t be easily spent until now. Rain is working to fix that by connecting stablecoins to a global network, turning them into money you can actually use for everyday commerce.” – Jai Das, Sapphire Ventures President
The background: Stablecoins, digital tokens pegged to non-volatile assets, have gained popularity among traders and are now attracting interest from banks and major companies like Meta and Amazon.
What’s next: Rain plans to use the funds to enhance its platform capabilities, expand its team, and accelerate growth, further integrating stablecoins into global financial systems.