Fintech Company Rain Secures $58 Million to Accelerate Stablecoin Development on Visa Network

Rain, the stablecoin card company that teamed up with Visa this year, has announced a successful $58 million series B funding round.

With this new funding, the total amount raised by the company reaches $88.5 million. Rain, which concluded its A round just five months ago, plans to utilize these funds to enhance its platform and provide global institutions with a flexible, modular, and compliant stablecoin infrastructure.

The funding round was led by Sapphire Ventures, with contributions from Dragonfly, Galaxy Ventures, Endeavor Catalyst, Samsung Next, Lightspeed, and Norwest.

“Stablecoins are becoming essential to global commerce,” stated Rain CEO and co-founder Farooq Malik. “Initially, money moved instantly, but we have spent centuries decelerating it.”

This year, Rain partnered with Visa to advance its stablecoin-linked card offerings.

According to the announcement, Rain aims to make stablecoins “easily usable wherever Visa is accepted, through both physical and virtual card programs, enabling millions of transactions across 150+ countries.”

The company reported a tenfold increase in transaction volume this year, collaborating with portfolio partners such as Nuvei, Avalanche, Dakota, and Nomad for merchant payouts, everyday purchases, B2B expenditures, and cross-border payroll.

Visa has been increasingly involved in the crypto sector, especially with stablecoins. In April, it partnered with Bridge, a division of payment service provider Stripe, to launch stablecoin-linked debit cards in Latin America. In 2021, it announced support for USDC on Ethereum.

Stablecoins are blockchain-based digital tokens pegged to stable assets, usually the US dollar. Their stable value has traditionally facilitated trading in digital assets without the reliance on banks.

Currently, banks, major corporations like Meta and Amazon, and even U.S. states are exploring the issuance of these tokens, which aim to expedite payments using blockchain technology.

In July, U.S. President Donald Trump signed the GENIUS Act, creating a framework for the issuance and trading of stablecoins in the U.S.

“Stablecoins have reached hundreds of billions in circulation, but up until now, they weren’t easily spendable,” said Jai Das, President of Sapphire Ventures, who will join Rain’s board. “Rain aims to change that by integrating stablecoins with Visa’s worldwide network, enabling their use in everyday commerce.”