Rain, a company building enterprise-grade infrastructure for stablecoin-powered payments, has raised $250 million in a Series C funding round led by ICONIQ. The round also included participation from Sapphire Ventures, Dragonfly, Bessemer Venture Partners, Galaxy Ventures, FirstMark, Lightspeed, Norwest, and Endeavor Catalyst. The investment values Rain at $1.95 billion and brings its total funding to more than $338 million coming just months after its Series B and less than a year after its Series A.
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Stablecoins have quickly moved beyond their early role in speculative crypto markets and are now becoming one of the world’s most significant value-transfer rails. The next challenge is making tokenized money feel as seamless and familiar as traditional payments, so businesses and consumers can use it for everyday transactions without friction. Rain is focused on closing that gap by enabling companies to adopt onchain payments while preserving the user experiences people already trust.
“Stablecoins are increasingly how money will move in the modern economy, but they only work at scale if the underlying products feel effortless,” said Farooq Malik, CEO and co-founder of Rain. Over the past year, Rain’s active card base has grown thirtyfold, while its annualized payment volume has increased by thirty-eight times. Malik said the new funding will allow the company to expand into new markets and help more enterprises launch and scale stablecoin-powered payment programs worldwide.
Rain offers a full-stack payments platform that allows businesses to work with a single provider to issue compliant stablecoin cards accepted anywhere Visa is supported. The platform also enables fiat-to-stablecoin conversion, secure wallet infrastructure, rewards programs, and global payouts. Today, Rain processes more than $3 billion in annualized transactions for over 200 partners, including companies such as Western Union, Nuvei, and KAST. Its programs can reach more than 2.5 billion people and support everything from everyday purchases to major business expenses like cloud services and digital advertising.
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Investors see Rain as part of a broader shift away from legacy payment systems toward programmable, digital-asset-based infrastructure. Kamran Zaki, Partner at ICONIQ, said Rain stands out for its combination of full-stack technology, regulatory readiness, and real-world adoption. He noted that Rain’s focus on making stablecoins practical for mainstream use aligns with what large enterprises are looking for as they move from experimentation to production.
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With the new capital, Rain plans to expand its footprint across licensed markets in North America, South America, Europe, Asia, and Africa. The company will also continue investing in its core platform, pursue strategic acquisitions, and develop new products designed to make stablecoin payments feel invisible—both for businesses and the consumers who rely on them every day.
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