Rain, the enterprise-grade infrastructure provider for stablecoin-powered payments, has raised $58m in a Series B funding round.
The round was led by Sapphire Ventures, with participation from Dragonfly, Galaxy Ventures, Endeavor Catalyst, Samsung Next, Lightspeed, and Norwest. This latest investment brings Rain’s total funding to $88.5m, following its Series A just five months ago.
The company operates a vertically integrated platform that enables businesses to embed stablecoins into products and operations using a single API.
Its infrastructure covers money-in, storage, spending, and money-out, providing a compliant route for enterprises to integrate stablecoin-powered cards, wallets, and payment programmes.
Rain’s platform currently serves over 1.5bn people globally, with plans to expand into Europe, the Middle East, Africa, and Asia-Pacific.
Rain intends to use the fresh funding to enhance its stablecoin infrastructure, support global institutions with modular and compliant payment solutions, and scale its operations into new markets. The company will also invest in hiring engineering, commercial, and compliance talent.
Rain CEO and co-founder Farooq Malik said, “Stablecoins are shifting to the backbone of global commerce. In its earliest form, money moved instantly. We’ve spent centuries slowing it down. Rain is bringing that simplicity back to billions of people, but now it works across any border, any platform, and any currency.”
Jai Das, president and partner at Sapphire Ventures and Rain’s newest board director, said, “Stablecoins have scaled to hundreds of billions in circulation, but until now, they couldn’t be easily spent. Rain is working to fix that by connecting stablecoins to Visa’s global network, turning them into money you can actually use for everyday commerce. We’re proud to partner with Farooq, Charles, and the Rain team as they redefine the future of payments.”
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