Rain, a global card issuing platform that uses stablecoins, has secured $24.5 million in funding led by Norwest Venture Partners.
Additional participants include Galaxy Ventures, Goldcrest, Thayer, and Hard Yaka, alongside existing investors such as Lightspeed Venture Partners, Coinbase Ventures, Vinyl Capital, Canonical Crypto, and Latitude Capital.
This investment will enable Rain to enhance interoperability with existing financial systems, broaden its global presence, and advance its stablecoin authorization and settlement infrastructure.
The company has experienced significant growth, with a 15-fold increase over the past year and transaction processing in over 100 countries, according to a company release.
Visa’s backing
Rain has also achieved principal membership with Visa, facilitating card issuance across Europe, the U.S., and Latin America. Its vertically integrated issuing stack allows the operation of card programs worldwide, settling transactions in stablecoins.
The platform allows businesses to issue physical and virtual cards linked to various wallet types or traditional fiat accounts, with support for native settlement on multiple blockchain networks.
Norwest Venture Partners, a global investment firm with over $15.5 billion in capital, has a history of supporting fintech innovations. Their portfolio includes investments in companies like Plaid, which streamlines financial data access between banks and consumers.
Parker Barrile, a partner at Norwest Venture Partners, highlighted Rain’s significance in the evolving financial landscape. He noted that the company’s platform merges compliance with the flexibility of digital currency, positioning it as a leader in the growing adoption of stablecoins.
This funding underscores the increasing interest in integrating stablecoins into mainstream financial services, highlighting Rain’s potential to bridge traditional finance with the expanding digital currency ecosystem.
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