Rain Secures $24.5 Million Funding, Expands Visa Membership

Rain, a global card issuing platform utilizing stablecoins, has raised $24.5 million in funding led by Norwest Venture Partners, with participation from new investors like Galaxy Ventures and existing backers including Lightspeed Venture Partners and Coinbase Ventures. This investment will enable Rain to enhance its interoperability with existing financial systems and expand its operations in Europe, the U.S., and Latin America, having already processed transactions in over 100 countries with significant growth over the past year. Achieving principal membership with Visa, Rain can now sponsor and operate card programs worldwide, allowing businesses to issue both physical and virtual cards linked to various wallet types or traditional fiat accounts. Rain's technology supports native settlement on multiple blockchain networks, making it a key player in the integration of stablecoins into mainstream financial services. CEO Farooq Malik emphasized that the new funding will facilitate further investment in their stablecoin infrastructure to support ongoing growth. The funding round reflects a broader interest in stablecoins as viable options for fast cross-border payments.