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Stablecoin Company Rain Raises $250M at $1.95B Valuation
The major round was led by the venture firm ICONIQ.
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Stablecoin infrastructure provider Rain announced $250M in new funding in a Series C led by ICONIQ, with participation from Dragonfly, Bessemer Venture Partners, and Galaxy Ventures, among others, which pushed its valuation to $1.95B.
What's the scoop?
- Total Raised: The round brings Rain’s total funding to over $338M, following a $58M Series B in August last year.
- Growth Metrics: Rain cites its active card base growing 30x in the last year, with annualized payment volume increased 38x, conducting $3B in transactions across more than 200 partners.
- Expansion Plans: Rain plans to use the capital to secure licenses and expand operations in North America, South America, Europe, Asia, and Africa, while developing integrations for ACH and SEPA networks.
Bankless Take
A few days ago we had Barclay's direct investment in stablecoin platform Ubyx, and now this new fundraising announcement from Rain. If anything’s clear, it’s that everyone wants a piece of stablecoins’ upside. For me, what’s refreshing about Rain is that its card service stands as its primary product offering. While banks or other financial platforms using stablecoins on the backend is “intellectually” exciting, being able to pay directly with stablecoins myself is a much more compelling endeavour.