Rain, the company behind Visa’s on-chain cards, has announced raising $24.5 million in a funding round led by Norwest Venture Partners.
Excited to announce $24.5M in new funding for Rain led by @NorwestVP with participation from new investors @Galaxyhq, @CompoSecure, Goldcrest, Vinyl, @BDMIFund, @LatitudeCapital, Thayer and @_hardyaka, and existing investors @lightspeedvp, @cbventures, and @CanonicalCrypto.… pic.twitter.com/q7QjkKAaXa
— Rain (@raincards) March 24, 2025
Other participants include Galaxy, CompoSecure, Goldcrest, Vinyl, BDMIFund, LatitudeCapital, Thayer, and Hard Yaka.
“As the adoption of stablecoins continues to grow, providing diverse use cases such as cross-border payments, remittances, and dollar savings, the demand for seamless stablecoin use in everyday transactions is also increasing,” the statement said.
The company noted that over the past 12 months, revenue has increased 15-fold, and their cards are accepted in more than 100 countries.
Rain’s representatives did not specify the intended use for the funds raised.
According to a recent report by the firm, their client base in Latin America alone exceeds 600 million people. Between July 2023 and June 2024, approximately $415 billion in cryptocurrency flowed through the region, accounting for 9.1% of global activity.
Back in October 2024, Rain and Avalanche introduced a payment on-chain card.
Previously, ForkLog released a piece dedicated to payment cards for digital asset transactions: