Rain Secures $24.5 Million in Funding and Partners with Visa

​Rain, a platform specializing in stablecoin-powered global card issuance, has announced the successful completion of a $24.5 million funding round. The investment was spearheaded by Norwest Venture Partners, with continued support from existing investors including Coinbase Ventures and Lightspeed Venture Partners. New investors such as Galaxy Ventures and Hard Yaka also participated in the funding.

Founded in 2021, Rain offers infrastructure that facilitates the interoperability of stablecoins across traditional financial systems. The company enables businesses to issue both physical and digital cards for B2B and consumer applications, integrating with various custodial and self-custody solutions, as well as fiat accounts. Rain reports a significant growth of over 15 times in transaction volume within the past year, with operations spanning more than 100 countries.

Farooq Malik, CEO and co-founder of Rain, stated that the new capital will be used to "increase interoperability with existing rails, expand our footprint, and invest in our stablecoin authorisation and settlement infrastructure."

In a parallel announcement, Rain revealed a strategic partnership with payment technology giant Visa. This collaboration aims to broaden Rain's card issuance services, reinforcing its current presence in the United States and Latin America and facilitating its entry into the European market.