Stablecoin payment company Rain has successfully raised $250 million in a new funding round, elevating its post-money valuation to $1.95 billion. The round was led by ICONIQ, with significant contributions from Sapphire Ventures, Dragonfly, Bessemer, Lightspeed, and Galaxy Ventures, bringing Rain's total funding to over $338 million. The company, which issues stablecoin payment cards in over 150 countries through a partnership with Visa, plans to use the funds to expand its operations across North America, South America, Europe, Asia, and Africa. CEO Farooq Malik highlighted the company's focus on adapting to the evolving global regulatory landscape and integrating with payment systems like the US ACH and European SEPA. Rain is also considering strategic acquisitions, following its recent purchases of rewards platform Uptop and currency conversion platform Fern.
Rain Secures $250 Million in Funding, Valuation Hits $1.95 Billion
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