Rain, a global platform for issuing cards that utilize stablecoins, has raised $24.5 million in a funding round led by Norwest Venture Partners.
Other contributors to this round include Galaxy Ventures, Goldcrest, Thayer, and Hard Yaka, in addition to existing backers like Lightspeed Venture Partners, Coinbase Ventures, Vinyl Capital, Canonical Crypto, and Latitude Capital.
This latest investment will support Rain in improving its interoperability with current financial infrastructure, expanding its international footprint, and enhancing its frameworks for stablecoin authorization and settlement.
The company has reported impressive growth, achieving a 15-fold increase in operations over the past year and processing transactions in more than 100 countries, as per a recent announcement.
Support from Visa
Rain has also secured principal membership with Visa, enabling card issuance across Europe, the U.S., and Latin America. Its integrated issuing system facilitates the management of card programs globally, processing transactions in stablecoins.
The platform enables businesses to create both physical and virtual cards linked to various wallet types or traditional fiat accounts, while also supporting native transactions across multiple blockchain networks.
Norwest Venture Partners, a global investment firm managing over $15.5 billion, has a track record of backing innovations in fintech. Their portfolio features investments in companies like Plaid, which enhances access to financial data for consumers and banks alike.
Parker Barrile, a partner at Norwest Venture Partners, emphasized Rain’s importance in the changing landscape of finance. He remarked that the platform successfully combines compliance with the adaptability of digital currency, positioning it as a frontrunner in the rising adoption of stablecoins.
This funding reflects the growing enthusiasm for incorporating stablecoins into conventional financial services, underscoring Rain’s potential to connect traditional finance with the broader digital currency ecosystem.