Rain, a developer of payment infrastructure based on stablecoins, has raised $250 million in a Series C funding round led by ICONIQ.
Onchain rails have proven their value.
Rain is making them usable by everyone, and keeping them invisible in the process.Today, we’re announcing our $250M Series C at a $1.95B valuation to keep building.
— Rain (@raincards) January 9, 2026
Participants include Sapphire Ventures, Dragonfly, Bessemer Venture Partners, Galaxy Ventures, FirstMark, Lightspeed, Norwest, and Endeavor Catalyst.
The total funds raised in the round reached $338 million, valuing Rain at $1.95 billion.
The platform offers services for issuing Visa cards based on stablecoins, facilitates payments, enables fiat-to-digital coin conversion, and ensures secure wallet operations.
According to a press release, Rain processed transactions exceeding $3 billion over the past year for more than 200 partners, including Western Union, Nuvei, and KAST.
“Stablecoins are rapidly becoming the primary means of transferring money in the 21st century, but for widespread global adoption, cards and applications that simply work are necessary,” said Rain co-founder and CEO Farooq Malik.
He noted that in 2025, the active card base grew 30-fold, and payment volume increased 38-fold.
The company plans to use the funds to expand its presence in key markets across North and South America, Europe, Asia, and Africa. The capital will also enhance the payment platform through strategic acquisitions and the launch of new products.
As reported by Artemis, in 2025, the total volume of stablecoin transactions grew by 72% — to $33 trillion. USDC from Circle emerged as the leader in transaction volume, surpassing USDT from Tether.