- Rain, a stablecoin fintech firm, secured $58 million in Series B funding.
- The company has now raised a total of $88.5 million, with VISA among its backers.
- Funding will support platform growth and expansion of stablecoin infrastructure for global institutions.
- The investment follows increased interest in stablecoins after the signing of the GENIUS Act in the U.S.
- Rain aims to make stablecoins spendable anywhere Visa is accepted, with partners in over 150 countries.
Rain, a company offering stablecoin-backed payment cards, announced on Thursday that it raised $58 million in a Series B funding round. The fintech, which collaborates with Visa, said it will use the capital to grow its platform and provide modular and compliant stablecoin services worldwide.
This most recent investment brings Rain’s total funding to $88.5 million. The funding round was led by Sapphire Ventures, with participation from Dragonfly, Galaxy Ventures, Endeavor Catalyst, Samsung Next, Lightspeed, and Norwest. “Stablecoins are shifting to the backbone of global commerce,” said CEO and co-founder Farooq Malik.
According to the company, Rain has seen its transaction volume grow tenfold this year as clients such as Nuvei, Avalanche, Dakota, and Nomad use its technology for merchant payouts, consumer purchases, and cross-border payroll. Rain’s partnership with Visa will allow stablecoins to be used instantly through physical and virtual cards at any location where Visa is accepted. The cards are available in over 150 countries and are designed to process millions of transactions globally.
Stablecoins are digital currencies that operate on blockchain platforms and are usually tied to stable assets like the U.S. dollar. Their stability makes them useful for payments and trading. Interest in stablecoins has increased after U.S. President Donald Trump signed the GENIUS Act in July, establishing guidelines for issuing and trading stablecoins in the United States.
Other major banks, technology companies such as Meta and Amazon, and several U.S. states are also exploring stablecoin issuance to speed up payments using blockchain. Sapphire Ventures President Jai Das, who will join Rain’s board, stated, “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.”
Visa continues to expand its crypto operations, including offering stablecoin-linked debit cards in Latin America through a partnership with Bridge, a unit of Stripe, and supporting USDC (a major stablecoin) on the Ethereum platform since 2021.
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