Stablecoin card-issuing platform Rain has secured $24.5 million in fresh funding to scale its operations and deepen its global reach. Leading the round is Norwest Venture Partners, joined by new backers including Galaxy Ventures, Goldcrest, Thayer, and Hard Yaka. Existing investors like Lightspeed Venture Partners, Coinbase Ventures, Vinyl Capital, Canonical Crypto, and Latitude Capital also doubled down on their support.
The funding announcement comes as Rain strengthens its partnership with Visa by securing principal membership. This move positions Rain to boost its card issuance capabilities across Europe, while expanding its current presence in the U.S. and Latin America.
Rain stands out in the fintech landscape by offering a fully integrated issuing platform built for stablecoins. With Visa principal membership status, the company can directly sponsor card programs worldwide, enabling transactions that settle in stablecoins rather than traditional fiat currencies. Over the past year, Rain has seen explosive growth, scaling transaction volumes more than 15 times, with activity spanning over 100 countries.
Farooq Malik, CEO and co-founder of Rain, highlighted the company’s growing influence in the digital payments space. “We’ve spent years building a flexible issuing and stablecoin orchestration stack that serves large global businesses. This new funding allows us to enhance interoperability with existing financial systems, expand our international footprint, and invest heavily in our stablecoin settlement infrastructure, unlocking even more growth for our partners,” Malik explained.
At the core of Rain’s technology is a stablecoin-native infrastructure designed to bridge digital assets and traditional fiat systems. This allows businesses to issue both virtual and physical cards directly connected to self-custody crypto wallets, custodial solutions, or regular bank accounts. Notably, users don’t have to convert their crypto into fiat before making transactions. Rain’s omni-chain stack handles native settlements across leading blockchain networks like Base, Polygon, Optimism, Avalanche, Arbitrum, ZKsync, and Solana. This infrastructure enables real-time processing of stablecoins and floating-rate tokens daily.
With Visa’s principal membership, Rain empowers its partners to issue cards on the Visa network while eliminating dependency on legacy fiat payment rails. This capability opens the door for businesses to create new types of financial products powered by stablecoins.
Commenting on the partnership and investment, Parker Barrile, Partner at Norwest Venture Partners, said, “Stablecoin adoption is gaining momentum as regulators worldwide offer clarity and real-world use cases continue to grow. Rain is perfectly positioned at the forefront of this shift. Their platform combines the rigorous compliance standards of fiat with the speed and flexibility of digital currencies. Rain’s traction with major financial institutions is a testament to their leadership and growing influence in the market.”
