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5h ago

Rain Lands $250 Million Series C at $1.95 Billion Valuation

The raise underscores growing institutional appetite for stablecoin payment rails, positioning Rain to push into licensed markets.

Representations of cryptocurrencies are seen in this illustration taken November 10, 2022. REUTERS/Dado Ruvic/Illustration
VC, venture capital
Visa linked stablecoin platform rain raises $250m at $1.95b valuation
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Overview

  • ICONIQ led the round, joined by Sapphire Ventures, Dragonfly, Bessemer, Galaxy Ventures, FirstMark, Lightspeed, Norwest and Endeavor Catalyst.
  • Total funding now exceeds $338 million, and the company says its valuation has risen more than 17x in 10 months with this round coming four months after its Series B.
  • Rain’s platform lets enterprises issue Visa-accepted stablecoin-linked cards and power wallets, on/offramps, rewards and payouts as a Visa Principal Member.
  • The company reports more than $3 billion in annualized transactions for 200+ partners including Western Union, Nuvei and KAST, with programs reaching over 2.5 billion people in 150+ countries.
  • Funds will support licensed market expansion across five continents, deepen the full-stack platform including potential acquisitions and new products, and follow reported 30x growth in active cards and 38x in annualized payment volume over the past year.