In a landmark deal signaling institutional confidence in blockchain-based payments, stablecoin infrastructure startup Rain has secured a massive $250 million in its Series C funding round. The investment, led by global investment firm ICONIQ Capital, values the company at $1.95 billion. This represents a staggering 17x increase in valuation in just 10 months, bringing Rain's total funding to over $338 million since its inception.
The funding syndicate includes premier venture capital firms Sapphire Ventures, Dragonfly Capital, Bessemer Venture Partners, Lightspeed Venture Partners, Galaxy Ventures, FirstMark, Norwest, and Endeavor Catalyst. The round was finalized in early 2025 and announced in January 2026.
Rain specializes in building enterprise-grade, backend infrastructure that allows businesses to integrate stablecoin payments. The company's full-stack platform enables partners to launch compliant stablecoin-powered Visa cards, offer rewards, convert fiat to stablecoins, power secure wallets, and facilitate cross-border payouts. "Stablecoins are quickly becoming the way money moves in the 21st century," said Farooq Malik, CEO & Co-founder of Rain. "This funding lets us bring that infrastructure to new markets and help additional enterprises go live and scale quickly everywhere."
The company has demonstrated explosive growth, with its active card base increasing 30x and its annualized payment volume surging 38x in the past year. Rain's technology now facilitates more than $3 billion in annualized transactions for over 200 partners, including major names like Western Union, Nuvei, and KAST. Programs built on Rain can reach over 2.5 billion people globally.
Kamran Zaki, Partner at ICONIQ, highlighted Rain's strategic position: "We believe we're witnessing a shift from legacy payment networks to programmable digital-asset infrastructure... Rain has a rare combination of full-stack technology, regulatory readiness, and real-world scale."
The new capital will be used to expand Rain's licensed global footprint across North America, South America, Europe, Asia, and Africa. Funds will also deepen its platform capabilities, support strategic acquisitions, and fuel investment in new products aimed at making stablecoin payments seamless for businesses and consumers. Wachtell, Lipton, Rosen & Katz served as legal advisor for the financing.
