Stablecoin Payment Firm Rain Raises $250mn at $1.95bn Valuation

Rain has raised $250mn in a Series C round led by ICONIQ Growth. The raise values the stablecoin enterprise infrastructure firm at $1.95bn and includes participation from heavyweights Sapphire Ventures, Dragonfly and Galaxy Ventures, the company said in a statement. 

The magnitude of the rise is a significant signal in a cautious venture market, highlighting the growing conviction among institutional investors that stablecoins are transitioning from crypto trading tools to global settlement instruments.

The "Visa" of Web3

Rain’s core product allows companies to issue corporate cards and manage expenses using stablecoins.

Crucially, the system interoperates with traditional networks. Rain issues cards that work in over 150 countries and are accepted wherever Visa is used. This allows businesses to hold capital in USDC or other digital assets while spending fiat at the point of sale without complex manual conversions.

"Stablecoins are quickly becoming the way money moves in the 21st century, but adoption by users worldwide requires cards and apps that just work," said Farooq Malik, CEO & Co-founder of Rain.

The company plans to use the capital to expand into North America, Europe and Asia. It also aims to integrate directly with clearing systems, such as the US ACH and European SEPA networks, to bridge the gap between onchain liquidity and off-chain banking.