Rain Secures $24.5m in Funding for Wide-scale Stablecoin Payment Card Expansion (Visa-supported)

Rain, a worldwide platform for card issuance that employs stablecoins, has raised $24.5 million in a funding round led by Norwest Venture Partners.

Contributors to this funding round include Galaxy Ventures, Goldcrest, Thayer, and Hard Yaka, as well as existing investors such as Lightspeed Venture Partners, Coinbase Ventures, Vinyl Capital, Canonical Crypto, and Latitude Capital.

This capital injection will allow Rain to improve its compatibility with existing financial systems, expand its reach globally, and further develop its infrastructure for stablecoin authorization and settlement.

The company has seen substantial growth, with a 15-fold increase over the past year and transaction processing in over 100 countries, according to a company announcement.

Visa’s endorsement

Rain has also obtained principal membership with Visa, enabling card issuance across Europe, the U.S., and Latin America. Its vertically integrated issuing stack allows for the operation of card programs worldwide, settling transactions in stablecoins.

The platform enables businesses to issue physical and virtual cards linked to various wallet types or traditional fiat accounts, with support for native settlement on multiple blockchain networks.

Norwest Venture Partners, a global investment firm with over $15.5 billion in capital, has a track record of supporting fintech innovations. Their portfolio includes investments in companies like Plaid, which simplifies financial data access between banks and consumers.

Parker Barrile, a partner at Norwest Venture Partners, emphasized Rain's importance in the changing financial landscape. He pointed out that the company's platform combines compliance with the adaptability of digital currency, positioning it as a frontrunner in the growing adoption of stablecoins.

This funding underscores the increasing interest in incorporating stablecoins into mainstream financial services, highlighting Rain's potential to connect traditional finance with the expanding digital currency ecosystem.