Rain Secures $58M Series B Funding to Accelerate Visa-Backed Stablecoin Payment Infrastructure

yesterday / 20:25

Rain, a stablecoin payment platform, has raised $58 million in a Series B funding round led by Sapphire Ventures, with participation from Dragonfly Capital, Galaxy Ventures, Samsung Next, Lightspeed, Norwest, and Endeavor Catalyst. This brings the company's total funding to $88.5 million, following a Series A round closed just five months ago.

The funding will be used to expand Rain's infrastructure, particularly its Visa-linked card products and digital wallets, aiming to make stablecoins "instantly usable anywhere Visa is accepted." Rain has partnered with Visa to issue physical and virtual cards that process millions of transactions across over 150 countries. The company reported a tenfold increase in transaction volume this year, with partners like Nuvei, Avalanche, Dakota, and Nomad using its infrastructure for merchant payouts, consumer purchases, B2B spending, and cross-border payroll.

Rain CEO Farooq Malik emphasized, "Stablecoins are shifting to the backbone of global commerce. In its earliest form, money moved instantly. We've spent centuries slowing it down." Jai Das, President of Sapphire Ventures, who will join Rain's board, stated, "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."

This development aligns with broader industry trends, including Circle's partnership with Mastercard and Visa's previous collaborations with Bridge (a Stripe unit) and support for USDC on Ethereum. The news also follows the U.S. GENIUS Act, signed by President Trump in July, which established a regulatory framework for stablecoins, boosting institutional confidence.