New York-based Rain, an issuer of global cards backed by stablecoins, has raised $24.5 million in new funding led by Norwest Venture Partners. New York’s Galaxy Ventures, Dallas, Texas-based Goldcrest, Thayer and Hard Yaka joined the round as new investors. Existing investors Lightspeed Venture Partners, Coinbase Ventures, Boston-based Vinyl Capital, Canonical Crypto and New York’s Latitude Capital also participated.
Founded in 2021 by Farooq Malik and Charles Naut, Rain has claimed growing over 15 times in the past year, and expanding transactions to over 100 countries. Malik, who serves as Rain’s CEO, previously served Booz Allen Hamilton and Accenture. Naut, who has a BS degree in computer science from Stanford University, previously worked at Microsoft and Intuit,
Rain has built infrastructure for stablecoin interoperability. This means card users don’t need to convert their crypto to pay with government-issued currency. Rain has native settlement on multiple blockchain networks, including Base, Polygon, Optimism, Avalanche, Arbitrum, ZKsync, and Solana.
“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 Malik.
In a LinkedIn post, Malik said Rain is building a “global payments counterpart” to the many global platforms and enterprises serving businesses and consumers worldwide.
Commercial Real Estate
MacKenzie Companies
Advertising / Media / Communications / Public Relations
Nevins & Associates
Financial Services / Investment Firms
Chesapeake Corporate Advisors
Commercial Real Estate
Monday Properties
Venture Capital
Blue Delta Capital Partners
Internet / Technology
Foxtrot Media
“We’ve been blown away at the unique products and services being dreamed up by our clients. This new round allows us to continue investing in our authorization, orchestration and settlement technology while growing our footprint — empowering our partners to go global with Rain,” he added.
Together with the funding, Rain announced a tie-up with Visa, partnering with the network to build its “issuance footprint in Europe while expanding their current issuance across the U.S. and Latin America.” As a Visa “principal member,” Rain can tap all of Visa’s partners to issue its stablecoin-based cards.
“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.”
