Rain, a global card issuing platform built around stablecoin technology, has raised $24.5 million in a funding round led by Norwest Venture Partners. The round also saw participation from new investors including Galaxy Ventures, Goldcrest, Thayer, and Hard Yaka, alongside returning backers such as Lightspeed Venture Partners, Coinbase Ventures, Vinyl Capital, Canonical Crypto, and Latitude Capital.
With this fresh capital, Rain has also secured principal membership with Visa, a move that significantly expands its ability to issue cards across Europe, the U.S., and Latin America. The Visa partnership allows Rain to directly sponsor and manage card programs, enabling seamless transactions that are settled in stablecoins rather than traditional currencies.
The platform has recorded impressive growth over the past year, with transaction volume increasing 15-fold and users transacting in over 100 countries. Rain enables both physical and virtual card issuance, directly linked to users’ self-custody wallets, custodial platforms, or fiat accounts. By removing the need to convert cryptocurrencies into local currencies before use, Rain offers a more frictionless payment experience for businesses and consumers alike.
According to CEO and co-founder Farooq Malik, the funding will be used to deepen Rain’s integration with traditional financial infrastructure and enhance its stablecoin authorization and settlement systems. The goal is to create a more interoperable and compliant framework that supports continued growth for its partners.
Norwest Venture Partners’ Parker Barrile noted that the mainstream adoption of stablecoins is accelerating and praised Rain for combining fiat-grade compliance with digital asset flexibility. He added that Rain’s traction with major financial institutions positions it as a standout player in the evolving payments space.
As stablecoins gain traction with regulators and financial institutions, platforms like Rain are well-positioned to bridge the gap between traditional banking and next-generation digital payments. The company’s expanding global footprint and technology-first approach could play a key role in shaping the future of crypto-powered financial services.
