Rain, a developer of infrastructure for stablecoin payments, has raised $250 million in a Series C funding round led by ICONIQ.
Onchain rails have proven their value.
— Rain (@raincards) January 9, 2026
Rain is making them usable by everyone, and keeping them invisible in the process.
Today, we’re announcing our $250M Series C at a $1.95B valuation to keep building.
🧵 pic.twitter.com/MUniRpHpul
Participants in the round included Sapphire Ventures, Dragonfly, Bessemer Venture Partners, Galaxy Ventures, FirstMark, Lightspeed, Norwest, and Endeavor Catalyst.
The total amount raised in the round reached $338 million, with Rain's valuation at $1.95 billion.
The platform offers Visa card issuance services based on stablecoins, enables payments, facilitates fiat-to-digital currency conversion, and ensures secure wallet operations.
According to a press release, Rain processed transactions exceeding $3 billion over the past year for more than 200 partners, including Western Union, Nuvei, and KAST.
“Stablecoins are quickly becoming the primary means of transferring money in the 21st century, but for widespread adoption globally, we need cards and apps that simply work,” said Rain co-founder and CEO Farouk Malik.
He noted that in 2025, the number of active cards grew 30-fold, while transaction volumes increased 38 times.
The funds raised will be used to expand Rain's presence in key markets across North and South America, Europe, Asia, and Africa. The capital will also enhance the payment platform through strategic acquisitions and the launch of new products.
As a reminder, according to Artemis, the total volume of transactions using stablecoins grew by 72% in 2025, reaching $33 trillion. The leader in value transferred was USDC from Circle, surpassing USDT from Tether.