Rain's global payment dream grows with a massive investment from ICONIQ

Rain, a stablecoin-based payment startup, has just completed a remarkable funding round. Led by ICONIQ and with participation from top investment funds such as Sapphire Ventures, Dragonfly, Bessemer Venture Partners, and Galaxy Ventures, Rain raised $250 million in this Series C round.

This figure not only demonstrates the company’s fundraising capability but also reflects market confidence in its business model. After this investment, the total capital received by Rain exceeds $338 million, while the company’s valuation has skyrocketed to $1.95 billion — more than 17 times increase in just the past 10 months.

Stablecoin Payment Infrastructure: From Theory to Practice

Stablecoins are no longer a foreign concept in the crypto world. From a speculative sector, these stable currencies have evolved into one of the most important value transfer systems globally. However, for them to become the default payment tools for businesses and consumers, a robust and user-friendly technical infrastructure is needed.

Rain is the solution to this challenge. The company has developed a comprehensive end-to-end payment platform that allows compliant stablecoin card issuers to be used anywhere Visa is accepted, with features such as rewards, fiat-to-stablecoin conversion, secure wallets, and comprehensive payment support.

Impressive Growth in One Year

Rain’s operational figures show rapid market acceptance. The number of active cards has increased 30-fold over the past year, while annual transaction volume has grown 38 times. Currently, Rain’s platform processes over $3 billion in transactions annually for more than 200 partners, including major names like Western Union, Nuvei, and KAST.

According to CEO & Co-founder Farooq Malik, these numbers are just the beginning: “We are still in the early stages of adoption. This Series C investment will help us expand into new markets and enable more businesses to deploy our solutions quickly.”

Global Scale, Big Ambitions

Rain’s technology is not limited to a few countries. Programs built on this platform can reach over 2.5 billion people worldwide, supporting all types of transactions — from small daily expenses like coffee and airline tickets to essential business costs such as cloud computing services and digital advertising.

Next Steps: Global Expansion and Product Upgrades

Rain will use the Series C investment to strengthen its presence in key licensed markets across North America, South America, Europe, Asia, and Africa. This allows the company’s partners to deploy compliant solutions on a global scale seamlessly.

Additionally, Rain will upgrade its full-stack stablecoin payment platform, potentially through strategic acquisitions, and invest in new products to make stablecoin payments “invisible” to businesses and consumers.

As Kamran Zaki, Partner at ICONIQ, comments: “We are witnessing a shift from traditional payment networks to programmable digital asset infrastructure. Rain possesses a rare combination of full-stack technology, compliance readiness, and practical scale — critical factors as large enterprises move from pilot phases to full deployment.”