Rain, the stablecoin payment infrastructure company, has raised $250 million in a Series C funding round led by ICONIQ. The financing values the company at $1.95 billion and includes participation from Sapphire Ventures, Dragonfly, Bessemer Venture Partners, Galaxy Ventures, FirstMark, Lightspeed, Norwest and Endeavor Catalyst.
The round comes just months after Rain’s $58 million Series B in August and ten months after its Series A, bringing total funding to over $338 million. The company has scaled rapidly over the past year, with its active card base growing 30 times and annualized payment volume increasing 38 times. Rain now facilitates more than $3 billion in annualized transactions for over 200 partners.
Rain provides infrastructure that allows businesses to launch stablecoin powered Visa cards, wallets and payment programs. The company operates as a Visa Principal Member and its technology supports transactions in over 150 countries. Partners include Western Union, Nuvei, and KAST, with programs reaching over 2.5 billion people. It is a launch partner for the Wyoming state FRNT stablecoin.
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