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22h ago

Rain Raises $250 Million Series C at $1.95 Billion Valuation to Scale Stablecoin Payments for Enterprises

ICONIQ's lead investment signals growing conviction in stablecoins as enterprise payment rails.

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

Overview

  • The $250 million round values the New York company at $1.95 billion, brings total funding above $338 million, and arrives four months after its Series B and 10 months after its Series A.
  • ICONIQ led the financing, joined by Sapphire Ventures, Dragonfly, Bessemer Venture Partners, Galaxy Ventures, FirstMark, Lightspeed, Norwest, and Endeavor Catalyst.
  • Rain plans to expand into licensed markets across North and South America, Europe, Asia, and Africa and to deepen its payments stack through product investment and potential acquisitions.
  • As a Visa principal member, Rain provides infrastructure for enterprises to issue stablecoin-linked cards and wallets, enable fiat on/offramps, and process payouts wherever Visa is accepted.
  • The company says its platform now facilitates more than $3 billion in annualized transactions for over 200 partners including Western Union, Nuvei, and KAST, with active cards up 30x and payment volume up 38x over the past year.