Stablecoin-focused card issuer Rain has raised $24.5 million in a funding round led by Norwest Venture Partners, with participation from Galaxy Ventures, Goldcrest, Thayer, and Hard Yaka. Existing investors, including Lightspeed Venture Partners, Coinbase Ventures, and Canonical Crypto, also joined the round.
The funding coincides with Rain securing principal membership with Visa, enabling the company to expand its card issuance in Europe while strengthening its existing presence in the U.S. and Latin America. Rain’s platform allows businesses to issue B2B and consumer cards—both physical and virtual—linked directly to self-custody wallets, custodial accounts, or traditional fiat banks.
Rain supports multi-chain stablecoin transactions, operating across Base, Polygon, Optimism, Avalanche, Arbitrum, ZKsync, and Solana to facilitate daily settlements. The company has seen 15x growth in the past year, processing transactions in over 100 countries as demand for stablecoin-based cross-border payments surges.
Farooq Malik, CEO and co-founder of Rain, stated: “We’ve been serving global businesses with our flexible issuing and stablecoin orchestration stack for years. This funding lets us deepen interoperability with existing rails, expand geographically, and enhance our authorization and settlement infrastructure.”
The raise underscores growing institutional interest in stablecoin adoption for faster, cheaper international transactions, positioning Rain as a key player in bridging crypto and traditional finance.