Rain, a leading global platform for card issuance powered by stablecoins, has secured $24.5 million in fresh funding. The round was led by Norwest Venture Partners, with additional participation from new investors Galaxy Ventures, Goldcrest, Thayer, and Hard Yaka. Existing backers Lightspeed Venture Partners, Coinbase Ventures, Vinyl Capital, Canonical Crypto, and Latitude Capital also contributed to the investment. In addition to this funding milestone, Rain has obtained principal membership with Visa, establishing a partnership to expand issuance capabilities across Europe while strengthening existing operations in the U.S. and Latin America.
With a vertically integrated issuance stack and Visa principal membership, Rain facilitates the sponsorship and management of card programs across multiple countries, ensuring transactions are settled in stablecoins. Over the past year, transaction volume has increased more than 15 times, spanning over 100 countries.
“We have been serving large global businesses with our flexible issuing and stablecoin orchestration stack for the last several years. This new funding allows us to increase interoperability with existing rails, expand our footprint, and invest in our stablecoin authorization and settlement infrastructure that continues to unlock growth for our partners,” said Farooq Malik, CEO and co-founder of Rain.
The company has developed infrastructure to enhance stablecoin interoperability across fiat networks, allowing businesses to issue both physical and virtual B2B and consumer cards. These cards can be directly linked to self-custody wallets, custodial solutions, or traditional fiat accounts. Users are not required to convert digital assets into government-issued currency to complete transactions. Instead, an omni-chain stack powers native settlement on multiple blockchain networks, including Base, Polygon, Optimism, Avalanche, Arbitrum, ZKsync, and Solana, ensuring stablecoin and floating-rate token settlements occur daily.
As a Visa Principal Member, Rain empowers partners with the ability to issue cards on the Visa network. By acting as a stablecoin-native enabler within this ecosystem, the company enables clients to create and operate new financial programs independent of traditional fiat payment rails.
“Stablecoin adoption is accelerating as regulators have shown support and use cases have proliferated, and Rain is at the forefront of this paradigm shift,” said Parker Barrile, Partner at Norwest Venture Partners. “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.”