Stablecoin card issuer Rain secures $24.5m to fuel global expansion

March 25, 2025

Rain, a global card issuing platform powered by stablecoins, has raised $24.5m in a new funding round aimed at accelerating its international growth.

The investment was led by Norwest Venture Partners, with participation from new backers including Galaxy Ventures, Goldcrest, Thayer, and Hard Yaka. Existing investors such as Lightspeed Venture Partners, Coinbase Ventures, Vinyl Capital, Canonical Crypto, and Latitude Capital also joined the round.

Founded in 2021, Rain enables the issuance of physical and virtual payment cards directly connected to stablecoin balances. The firm operates across more than 100 countries, offering businesses a platform that integrates stablecoin infrastructure with card issuing capabilities.

Rain CEO and co-founder Farooq Malik said, “We have been serving large global businesses with our flexible issuing and stablecoin orchestration stack for the last several years. This new funding allows us to increase interoperability with existing rails, expand our footprint, and invest in our stablecoin authorization and settlement infrastructure that continues to unlock growth for our partners.”

Norwest Venture Partners partner Parker Barrile added, “Stablecoin adoption is accelerating as regulators have shown support and use cases have proliferated, and Rain is at the forefront of this paradigm shift. Rain’s card issuing platform combines fiat-grade compliance with the speed and flexibility of digital currency, and their traction with major financial institutions underscores their credibility, momentum, and market leadership.”