Stablecoin payments firm Rain Series C hits $1.95B valuation

Rain, the infrastructure provider aiming to make stablecoins the default rail for global enterprise payments, has rocketed past unicorn status. The company announced a $250 million Series C funding round, led by ICONIQ, which values the firm at $1.95 billion.

The massive influx of capital—which brings Rain’s total funding to over $338 million—underscores the rapid shift in how institutional investors view tokenized money. This valuation represents an astonishing 17x increase in just 10 months, following a Series B round only four months prior.

The speed of the raise reflects a belief that stablecoins have moved definitively from a speculative crypto niche into a critical piece of global financial infrastructure. Rain’s core business is providing the compliant, full-stack technology that allows major companies to use stablecoins for payments, while still offering users familiar experiences like Visa cards, secure wallets, and fiat on/off-ramps.

Farooq Malik, CEO and Co-founder of Rain, noted that the company is still in the "early innings," despite its active card base increasing 30x and annualized payment volume spiking 38x over the last year.

Rain’s platform is currently facilitating more than $3 billion in annualized transactions for over 200 partners, including legacy finance players like Western Union and major payment processors such as Nuvei and KAST. By issuing cards that work anywhere Visa is accepted, Rain is attempting to solve the core adoption problem: bridging the instant, low-cost nature of stablecoin transfers with the ubiquitous acceptance of traditional card networks.

The $250 million injection will be deployed to accelerate Rain’s global expansion across key licensed markets in North America, South America, Europe, Asia, and Africa. This geographical push is crucial for serving multinational partners who need seamless, compliant solutions worldwide.

The funding will also enable strategic acquisitions to deepen the platform’s capabilities, ensuring Rain remains ahead of the curve in integrating new stablecoin and digital asset products.