Rain, a card issuing platform for stablecoins, has raises $24.5 million in new funding led by Norwest Venture Partners.
New investors joining the round included Galaxy Ventures, Goldcrest, Thayer, and Hard Yaka. Existing investors Lightspeed Venture Partners, Coinbase Ventures, Vinyl Capital, Canonical Crypto, and Latitude Capital also participated.
Coincidental with the new funding, Rain has also secured principal membership with Visa, partnering with the network to build its issuance footprint in Europe while expanding its current issuance across the US and Latin America.
Rain has built the infrastructure for stablecoin interoperability across fiat rails, enabling businesses to issue B2B and consumer cards, with both physical and virtual options, linked directly to self-custody wallets, custodial solutions, or traditional fiat accounts. The firm operates across multiple blockchain networks, including Base, Polygon, Optimism, Avalanche, Arbitrum, ZKsync, and Solana, to process stablecoin and floating-rate token settlement on a daily basis.
Global interest in stablecoins as a fast cross-border payment options has been a persistent theme in financial circles recently. Reflecting this, Rain has grown more than 15x in the last twelve months, with transactions processed in over 100 countries.
Farooq Malik, CEO and co-founder of Rain, says: “We have been serving large global businesses with our flexible issuing and stablecoin orchestration stack for the last several years. This new funding allows us to increase interoperability with existing rails, expand our footprint, and invest in our stablecoin authorization and settlement infrastructure."