The investment round was led by Norwest Venture Partners, with participation from new investors Galaxy Ventures, Thayer, Goldcrest, and Hard Yaka.
Rain, a global platform facilitating card issuance through stablecoins, has secured $24.5m in a new funding round.
The investment was led by Norwest Venture Partners and saw the participation of new investors Galaxy Ventures, Thayer, Goldcrest, and Hard Yaka. Existing backers, including Lightspeed Venture Partners, Vinyl Capital, Coinbase Ventures, Latitude Capital, and Canonical Crypto, also chipped in.
"Stablecoin adoption is rapidly accelerating as regulators have shown support and use cases have proliferated, and Rain is at the forefront of this paradigm shift," said Norwest Venture Partners partner Parker Barrile, who will join the company's board of directors.
"Rain's card issuing platform combines fiat-grade compliance with the speed and flexibility of digital currency, and their traction with major financial institutions underscores their credibility, momentum, and market leadership."
In addition to this financial boost, Rain has also obtained principal membership with Visa. This partnership aims to enhance Rain's card issuing footprint within Europe and expand existing programs in the US and Latin America.
Rain's technological infrastructure enables the interoperability of stablecoins within fiat systems, facilitating businesses to issue both physical and virtual B2B and consumer cards. These cards can connect to self-custody wallets, custodial solutions, or traditional fiat accounts without needing users to convert cryptocurrencies into government-issued money.
Operating a vertically integrated issuing system alongside its Visa principal membership allows Rain to support card programs globally using stablecoin settlements. Having launched in 2021, the company says it is processing transactions in over 100 countries and handling settlement in multiple stablecoins on a daily basis.
The company leverages an omni-chain architecture to support native settlement on various blockchain networks, including Base, Optimism, Avalanche, Polygon, Arbitrum, Solana, and ZKsync.
