Rain, a startup building enterprise-grade infrastructure for stablecoin-powered payments, has secured $250 million in a Series C round led by ICONIQ, valuing the company at $1.95 billion. The funding comes less than five months after Rain’s $58 million Series B and just 10 months after its $24.5 million Series A, bringing total funding to over $338 million.
Key Details:
Funding & Valuation: $250M Series C; $1.95B post-money valuation; total funding $338M
Lead & Investors: Led by ICONIQ; participation from Sapphire Ventures, Dragonfly, Bessemer Venture Partners, Galaxy Ventures, FirstMark, Lightspeed, Norwest, and Endeavor Catalyst
Technology & Reach: Provides stablecoin-linked payment cards, wallets, fiat-to-stablecoin conversion, rewards, and payouts; powers more than $3B in annualized transactions for 200+ partners, including Western Union, Nuvei, and KAST. Plans to scale into North America, South America, Europe, Asia, and Africa; pursue strategic acquisitions; deepen full-stack platform; and launch products that make stablecoin payments seamless for users
CEO and co-founder Farooq Malik emphasized the platform’s role in mainstream adoption: “Stablecoins are quickly becoming the way money moves in the 21st century, but adoption by users worldwide requires cards and apps that just work.”
Kamran Zaki, partner at ICONIQ, added that Rain is positioned to help define “the default platform enterprises will rely on” as businesses transition from pilots to full-scale digital-asset infrastructure.
As stablecoins move from speculative assets to everyday payment rails, Rain’s rapid fundraising and robust platform highlight the growing investor appetite for infrastructure providers enabling mainstream crypto adoption. The company’s next challenge will be executing compliant, global expansion while competing with traditional banks and emerging crypto payment networks.