Rain, a NYC-based provider of a card issuing platform, raised $24.5M in funding.
The round was led by Norwest Venture Partners with participation from Galaxy Ventures, Goldcrest, Thayer, Hard Yaka and existing investors Lightspeed Venture Partners, Coinbase Ventures, Vinyl Capital, Canonical Crypto, and Latitude Capital.
The company intends to use the funds to expand operations and its development efforts.
Founded in 2021 by Farooq Malik and Charles Naut, Rain is a global card issuing platform powered by stablecoins. With its vertically integrated issuing stack and Visa principal membership, the company is able to sponsor and operate card programs in many countries across the globe with transactions settling in stablecoins.
Rain has built the infrastructure for stablecoin interoperability across fiat rails, enabling businesses to issue B2B and consumer cards, with both physical and virtual options, linked directly to self-custody wallets, custodial solutions, or traditional fiat accounts. Card users don’t need to convert their crypto to pay with government-issued currency. Instead, Rain operates an omni-chain stack powering native settlement on multiple blockchain networks, including Base, Polygon, Optimism, Avalanche, Arbitrum, ZKsync, and Solana, to process stablecoin and floating-rate token settlement on a daily basis.
Rain also announced its principal membership with Visa, partnering with the network to build their issuance footprint in Europe while expanding their current issuance across the U.S. and Latin America.
FinSMEs
24/03/2025