Rain, an enterprise-grade FinTech providing infrastructure for stablecoin-powered payments, has raised fresh capital of $250m in a Series C.
The company secured $250m in a Series C funding round led by ICONIQ, with participation from Sapphire Ventures, Dragonfly, Bessemer Venture Partners, Galaxy Ventures, FirstMark, Lightspeed, Norwest, and Endeavor Catalyst. The round values Rain at $1.95bn and brings its total funding to more than $338m, coming just four months after its Series B and 10 months after its Series A.
Founded to support the shift towards tokenised money, Rain develops infrastructure that allows enterprises to move funds using stablecoins while maintaining familiar payment experiences for end users. Its technology is designed to help businesses transition to on-chain payment rails without disrupting existing customer journeys, supporting the use of digital assets for everyday transactions as well as large-scale corporate payments.
Rain’s end-to-end payments platform enables companies to work with a single partner to launch compliant stablecoin cards that function wherever Visa is accepted. The platform also supports rewards, fiat-to-stablecoin conversion, secure wallet infrastructure and global payouts. According to the company, its technology currently facilitates more than $3bn in annualised transactions for over 200 partners, including Western Union, Nuvei, and KAST, with the ability to reach more than 2.5 billion people worldwide.
The new funding will be used to expand Rain’s footprint across licensed markets in North America, South America, Europe, Asia and Africa, allowing partners to launch compliant solutions globally. Rain also plans to invest in deepening its full-stack stablecoin payments capabilities, pursue strategic acquisitions and develop new products designed to make stablecoin-powered payments largely invisible to both businesses and consumers.
The funding round follows a period of rapid growth for the company, as stablecoins continue to evolve from a niche crypto use case into a widely used value-transfer mechanism. Rain reports significant increases in both its active card base and payment volumes over the past year, reflecting growing enterprise interest in programmable, digital-asset-based payments infrastructure.
Rain CEO & Co-founder Farooq Malik said, “Stablecoins are quickly becoming the way money moves in the 21st century, but adoption by users worldwide requires cards and apps that just work. In the last year, our active card base has increased 30x and our annualized payment volume has increased 38x, but we’re still in the early innings. This funding lets us bring that infrastructure to new markets and help additional enterprises go live and scale quickly everywhere.”
ICONIQ Partner Kamran Zaki said, “We believe we’re witnessing a shift from legacy payment networks to programmable digital-asset infrastructure, and there is a brief window to help define the default platform enterprises will rely on. In our view, Rain has a rare combination of full-stack technology, regulatory readiness, and real-world scale. Their focus on making tokenized money mainstream, rather than a niche financial experiment, may resonate and align with what large enterprises are looking for as they move from exploration to production.”
Prior to this Series C, Rain had raised more than $88m across its earlier funding rounds, including a Series B completed just four months ago, underscoring strong investor confidence in the company’s growth trajectory and long-term vision for stablecoin-powered payments.
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