Corporate stablecoin infrastructure firm Rain has closed a $250 million Series C round led by ICONIQ Growth, catapulting its valuation to $1.95 billion. The raise marks a 17x valuation surge in just 10 months, signaling aggressive institutional appetite for payment rails that bridge on-chain liquidity with legacy networks like Visa.
The New York-based firm, which acts as a Visa Principal Member, secured participation from heavyweights including Sapphire Ventures, Dragonfly, Galaxy Ventures, and Lightspeed. The capital injection follows a $58 million Series B in August 2025, bringing total funding to over $338 million.
Infrastructure Over Speculation
Rain’s valuation stems from its pivot from a simple corporate card issuer to a backend infrastructure provider for global money movement. The company reports annualized transaction volume has swelled 38x year-over-year to exceed $3 billion, while its active card base expanded 30-fold.
Rather than servicing retail crypto speculators, Rain provides the plumbing for enterprises to integrate stablecoins into existing payment flows. The firm’s technology allows partners to issue stablecoin-backed cards that function on the standard Visa network, effectively masking the blockchain settlement layer from the end merchant.
“Stablecoins are quickly becoming the way money moves in the 21st century, but adoption by users worldwide requires cards and apps that just work,” stated Farooq Malik, CEO of Rain.
The Enterprise Moat
The company has secured integrations with legacy financial giants, including Western Union and Nuvei, leveraging stablecoins to reduce settlement times and cross-border friction. For these partners, Rain acts as a translation layer, converting fiat to USDC/USDT and back, allowing them to utilize blockchain rails without overhauling their compliance or treasury stacks.
ICONIQ Partner Kamran Zaki noted the investment was driven by a shift from “legacy payment networks to programmable digital-asset infrastructure,” positioning Rain as a middleware layer for the next generation of fintechs.
The $250 million war chest is earmarked for global licensing across Europe, Asia, and Africa, alongside potential strategic acquisitions to fortify its on/off-ramp capabilities.
