Rain raises $250m series C to expand stablecoin payments

Rain, a provider of enterprise-grade stablecoin payments infrastructure, has raised $250 million in a Series C funding round.

ICONIQ led the effort. Other investors such as Sapphire Ventures, Dragonfly, Bessemer Venture Partners, Galaxy Ventures, FirstMark, Lightspeed, Norwest, and Endeavor Catalyst also joined.

The round values the company at $1.95 billion and brings its total funding to over $338 million.

The funding comes just four months after Rain’s Series B and 10 months after its Series A, highlighting rapid investor interest in stablecoin-based payment solutions.

Rain’s platform allows enterprises to launch compliant stablecoin cards and wallets, process payouts, and convert fiat into stablecoins, all while maintaining a familiar user experience. The company currently facilitates more than $3 billion in annualized transactions for over 200 partners, including Western Union, Nuvei, and KAST, and reaches over 2.5 billion potential users globally.

CEO Farooq Malik said the funding will support expansion into North America, South America, Europe, Asia, and Africa, allowing Rain to bring its infrastructure to new markets and help enterprises scale quickly.

ICONIQ Partner Kamran Zaki noted that Rain’s full-stack technology, regulatory readiness, and real-world scale position it to define the default enterprise platform for tokenized money.

Rain plans to use the capital to enhance its payments platform, pursue strategic acquisitions, and invest in new products that make stablecoin payments seamless for businesses and consumers.

Wachtell, Lipton, Rosen & Katz served as legal advisor on the round.