Stablecoin startup Rain has secured $250 million through a Series C funding, valuing the company at $1.95 billion. This marks its third funding effort in under a year. The investment round was spearheaded by venture capital group Iconiq, and the company’s valuation after the investment has increased by 17x since last year in March.
Remarkably, this recent financing emerges less than five months after the announcement of a $58 million Series B round, and ten months following a $24.5 million Series A round. When incorporating this latest round, Rain has amassed over $338 million in total funds raised. The Series C round also saw contributions from Sapphire Ventures, Dragonfly, Bessemer Venture Partners, Galaxy Ventures, FirstMark, Lightspeed, Norwest, and Endeavor Catalyst .
Established in 2021 , Rain is dedicated to the development of payment instruments and infrastructure designed for stablecoin transactions . It allows business clients to create payment cards and digital wallets connected to stablecoins. Rain's technology enables stablecoins to be utilized just like conventional currency at retailers that accept Visa.
Rain further merges virtual money with daily payment activities, empowering enterprises to transform conventional money into stablecoins and employ them for compensating suppliers, personnel, or clients. Moreover, the company functions as a conduit linking blockchain-based currencies and established payment frameworks, specifically simplifying international transactions.
According to Rain CEO and co-founder Farooq Malik, the number of active cards issued by the company has expanded 30-fold over the past year, and the yearly volume of payments has risen 38-fold year-over-year. On the whole, Rain’s technology supports over $3 billion in yearly transactions for more than 200 businesses, including Western Union, Nuvei, and Kast.
The organization intends to allocate the accumulated capital towards penetrating novel markets and broadening its clientele among corporate consumers.
“Stablecoins are rapidly becoming the primary method for monetary exchanges in the 21st century, but their extensive global acceptance relies on functional cards and applications,” Malik commented.
Iconiq partner Kamran Zaki expressed that his company is observing a transition from customary payment infrastructures to a programmable virtual asset framework.
“Currently, there’s a limited period to assist in shaping the default platform that businesses will utilize,” he added, stressing that Rain’s emphasis on transforming tokenized money into a prevalent instrument as opposed to a “specialized financial experiment” could satisfy the demands of substantial organizations transitioning from preliminary testing to large-scale execution.
Data from Crunchbase indicates that worldwide venture capital investment within fintech startups during 2025 reached $51.9 billion across 3,733 deals, representing a 26.9% upswing in funding as compared to $40.9 billion and 4,813 deals in 2024 .
Source: crunchbase