Rain Completes $250 Million Financing, Valuation Reaches $1.95 Billion

Stablecoin payment company Rain announced the completion of a new $250 million financing round, with a post-money valuation of $1.95 billion. The round was led by ICONIQ, with participation from Sapphire Ventures, Dragonfly, Bessemer, Lightspeed, and Galaxy Ventures, bringing the company’s total financing to over $338 million. Co-founder and CEO Farooq Malik stated that the funds will be used to expand operations in North America, South America, Europe, Asia, and Africa, as well as to address global regulatory changes. Rain currently issues stablecoin payment cards in collaboration with Visa across more than 150 countries, supporting local spending and ATM withdrawals, and plans to integrate with the U.S. ACH and European SEPA payment systems. Additionally, the company acquired rewards platform Uptop and currency conversion platform Fern last year and may pursue further strategic acquisitions in the future.