Stablecoin payments infrastructure provider Rain raised $250 million in a funding round that values the company at $1.95 billion.

ICONIQ Capital led the round with participation from Sapphire Ventures, Dragonfly, Bessemer, Lightspeed and Galaxy Ventures.

The financing brings Rain's total funding to more than $338 million, CEO Farooq Malik told Bloomberg.

What Happened

Rain operates as a Visa Principal Member issuing stablecoin-backed payment cards in over 150 countries.

The company provides infrastructure allowing platforms to launch stablecoin-linked card programs through a unified API.

Rain plans to expand across North and South America, Europe, Asia and Africa while adapting to evolving regulations.

Rain acquired rewards platform Uptop in November 2025 and currency conversion platform Fern in December 2025.

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Why It Matters

The valuation reflects growing institutional interest as stablecoin market capitalization exceeds $300 billion.

Rain competes in a market where traditional financial institutions are beginning to integrate stablecoin settlement capabilities.

The funding follows Rain's $58 million Series B round in August 2025 led by Sapphire Ventures.

Strategic acquisitions position Rain to offer integrated payment, conversion and rewards capabilities through a single platform.

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