Rain, which is building infrastructure for payments with stablecoins, has raised $250 million in a Series C funding round led by Iconiq. Its post-money valuation is $1.95 billion, up 17x from last March.
Notably, the financing comes less than five months after New York-based Rain announced a $58 million Series B round and 10 months after its $24.5 million Series A. With the latest round, Rain has now raised over $338 million in funding. Sapphire Ventures, Dragonfly, Bessemer Venture Partners, Galaxy Ventures, FirstMark, Lightspeed, Norwest, and Endeavor Catalyst also participated in the Series C raise.
Founded in 2021, Rain builds payment tools and infrastructure that give enterprises a way to issue cards and wallets tied to stablecoins. Its technology allows people to spend stablecoins like money with merchants that accept Visa.
Rain also connects digital money to everyday payments, allowing businesses to convert ordinary currency into stablecoins and use them to pay vendors, employees, or customers.
It also acts like a bridge between blockchain-based currency and traditional payment systems to do things like make cross-border payments easier.
In a statement, CEO and co-founder Farooq Malik said that Rain’s active card base increased 30x over the past year, while its annualized payment volume surged by 38x. Overall, the company’s technology facilitates more than $3 billion in annualized transactions for over 200 companies, including Western Union, Nuvei, and KAST.
The new capital will allow Rain to expand into new markets and grow its enterprise customer base, according to Malik.
“Stablecoins are quickly becoming the way money moves in the 21st century, but adoption by users worldwide requires cards and apps that just work,” he said.
Iconiq Partner Kamran Zaki said in a statement that his firm believes there is a shift underway from legacy payment networks to programmable digital-asset infrastructure.
“…And there is a brief window to help define the default platform enterprises will rely on,” he added, noting that Rain’s focus on making tokenized money mainstream, rather than “a niche financial experiment, may resonate and align with what large enterprises are looking for as they move from exploration to production.”
Global venture funding to financial technology startups in 2025 reached $51.9 billion across 3,733 deals, per Crunchbase data. That’s a 26.9% increase in dollars raised compared to the $40.9 billion raised across 4,813 deals in 2024.
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Illustration: Dom Guzman
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