Rain, one of the largest stablecoin-linked card companies in the cryptocurrency world, has completed its third funding round in less than 12 months.

The company recently announced that it had completed its Series C funding round, led by Iconiq and with participation of Sapphire Ventures, Dragonfly, Bessemer Venture Partners, Galaxy Ventures, FirstMark, Lightspeed, Norwest, and Endeavor Catalyst.

The investment, which reached $250 million, also makes the company a financial unicorn, shooting its valuation up to $1.95 billion.

Rain, whose main products include crypto-linked credit cards, has experienced vigorous growth, with its card base growing 30x and its payment volumes increasing 38x during the last year. Even so, Farooq Malik, CEO & Co-founder of Rain, states that the company is still in its early innings.

“This funding lets us bring that infrastructure to new markets and help additional enterprises go live and scale quickly everywhere,” he stated. The funding round funds will allow the company to expand its presence in key licensed markets, including North America, South America, Europe, Asia, and Africa, facilitating the task for its partners to build compliant solutions around their tech stack.

In addition, the company reported that it would also be using these funds to “deepen its full-stack stablecoin payments platform” and to invest in creating solutions that integrate stablecoin technology with today’s payment products in a seamless way.

With this milestone, the company registers over $338 million in funding raised, a testament to the state of the stablecoin market and how these have become one of the hottest products in the payment industry.

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• What recent achievement has Rain completed in the stablecoin market?
  Rain has completed its Series C funding round, raising $250 million and becoming a financial unicorn valued at $1.95 billion.

• Who were the key participants in this funding round?
  The funding round was led by Iconiq and included participation from several investors such as Sapphire Ventures, Dragonfly, and Galaxy Ventures.

• How has Rain’s business performance been in the past year?
  Rain’s card base has grown 30x, and its payment volumes increased by 38x, showcasing significant growth in the stablecoin space.

• What are Rain’s plans for the funding received?
  The company plans to expand into key licensed markets globally, enhance its stablecoin payments platform, and integrate stablecoin technology with existing payment products.

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