Rain, a stablecoin infrastructure provider focused on card-based and enterprise payments, has raised $250 million in a Series C funding round led by ICONIQ, valuing the company at $1.95 billion. The financing brings Rain’s total capital raised to $338 million and marks one of the largest growth rounds to date for a crypto-native payments firm. The raise follows strong investor interest in regulated stablecoin infrastructure as adoption expands beyond trading into everyday payments.
Existing investors, including Sapphire Ventures, Dragonfly, Bessemer Venture Partners, Galaxy Ventures, FirstMark, Lightspeed, Norwest, and Endeavor Catalyst, also participated. Rain plans to use the proceeds to secure operating licenses and establish a stronger presence across North and South America, Europe, Asia, and Africa. The company currently issues Visa-linked stablecoin cards in more than 150 countries and is building integrations with US ACH and Europe’s SEPA networks through partner banks.
Expansion amid Institutional Stablecoin Adoption
Rain’s growth strategy aligns with rising institutional demand for stablecoin-based settlement tools that operate within established regulatory frameworks. Payment firms, remittance providers, and fintech platforms are increasingly exploring stablecoins to lower cross-border costs and improve settlement speed. By focusing on licensed card programs and bank integrations, Rain is positioning itself as a compliant intermediary between blockchain networks and traditional payment rails.
The company said it supports more than 200 partners, including Western Union, Nuvei, and KAST, facilitating both consumer and enterprise payment use cases. Rain reported annualized transaction volumes exceeding $3 billion, reflecting rapid scaling as stablecoins move into payroll, remittances, and treasury operations. Management emphasized that regulatory compliance remains central as the firm expands into new jurisdictions with varying oversight regimes.
Competitive and Regulatory Landscape
Rain’s latest valuation underscores intensifying competition among stablecoin infrastructure providers as the sector matures. While issuance remains dominated by Tether’s USDT and Circle’s USDC, payments-focused firms are racing to build the middleware that enables real-world usage. Traditional card networks, banks, and fintechs are also investing in similar capabilities, increasing pressure on crypto-native firms to demonstrate reliability, scale, and compliance.
At the same time, regulators continue to scrutinize stablecoin activity, particularly around financial crime and consumer protection. Blockchain analytics firms estimate stablecoins accounted for a majority of illicit crypto transaction volume in 2025, reinforcing the importance of controls and monitoring. Rain’s emphasis on licensed operations and partnerships with established financial institutions reflects a broader industry shift toward regulated growth.
Macro conditions also play a role. While venture funding for crypto remains below peak levels seen earlier in the decade, infrastructure-focused companies with clear revenue models are attracting capital. Rain’s Series C suggests investors are prioritizing firms positioned to benefit from long-term payments adoption rather than short-term market cycles. As stablecoins become more embedded in global commerce, infrastructure providers like Rain are increasingly viewed as critical components of the evolving digital payments stack.