Stablecoin-powered card issuance platform Rain has raised $24.5 million in a new funding round led by Norwest Venture Partners. The round saw participation from existing investors Coinbase Ventures, Vinyl Capital, Canonical Crypto, Latitude Capital, and Lightspeed Venture Partners, alongside new backers Galaxy Ventures, Goldcrest, Hard Yaka, and Thayer.
Founded in 2021, Rain provides infrastructure that facilitates stablecoin interoperability across fiat rails, allowing businesses to issue both physical and digital cards for B2B and consumer use. The platform integrates with custodial solutions, self-custody wallets, and fiat accounts, boasting 15x growth in the past year with transactions spanning over 100 countries.
According to Farooq Malik, Rain’s CEO and co-founder, this fresh investment will help the company enhance interoperability, expand its market presence, and strengthen its stablecoin authorization and settlement infrastructure.
In addition to securing new capital, Rain has announced a strategic partnership with Visa, aimed at expanding its card issuance services. This collaboration will reinforce Rain’s presence in the US and Latin America while enabling its entry into the European market.
