Rain, a company enabling stablecoin payments for enterprises, announced a $250 million round of Series C funding on Friday. The raise, spearheaded by ICONIQ, values the company at $1.95 billion and totals its funding at over $338 million to date.
The New York-based company is developing the infrastructure needed to further stablecoin adoption. Rain is establishing on-chain payment rails for enterprises that preserve familiar user experiences, mainly through its payments platform that allows enterprises to launch stablecoin cards that work everywhere Visa is accepted. They can also offer rewards and facilitate payouts, bringing tokenized money one step closer to becoming the default way businesses move money and consumers get paid.
“In the last year, our active card base has increased 30x and our annualized payment volume has increased 38x, but we’re still in the early innings. This funding lets us bring that infrastructure to new markets and help additional enterprises go live and scale quickly everywhere,” Farooq Malik, CEO and co-founder of Rain said in a statement.
With its latest capital injection, Rain will expand its presence in licensed markets across North America, South America, Europe, Asia and Africa. The company will also invest in advancing its full-stack platform through strategic acquisitions and in developing new products to further streamline stablecoin-powered payments for businesses and consumers alike.
