Stablecoin infrastructure provider Rain has closed a $250 million Series C funding round led by ICONIQ, valuing the company at $1.95 billion, the firm announced Thursday.

The round, which brings Rain's total capital raised to over $338 million, included participation from: 

• Sapphire Ventures
• Dragonfly
• Bessemer Venture Partners
• Galaxy Ventures
• FirstMark
• Lightspeed
• Norwest
• Endeavor Catalyst. 

The financing comes just four months after Rain's Series B and ten months after its Series A, reflecting accelerated investor interest in blockchain payment infrastructure.

Rain operates as an enterprise-grade platform enabling companies to integrate stablecoin-powered payment solutions. The New York-based firm provides end-to-end infrastructure for compliant stablecoin cards that function across Visa's global network, alongside wallet services, fiat-to-stablecoin conversion, and cross-border payment capabilities.

The company has demonstrated substantial operational growth over the past year. Its active card base expanded 30-fold, while annualized payment volume increased 38-fold. Rain now processes more than $3 billion in annualized transactions across over 200 enterprise partners, including Western Union, Nuvei, and KAST.

"Stablecoins are quickly becoming the way money moves in the 21st century, but adoption by users worldwide requires cards and apps that just work," said Farooq Malik, CEO and co-founder of Rain.

The valuation represents more than a 17-fold increase in just ten months, underscoring significant institutional appetite for stablecoin infrastructure as digital assets transition from speculative instruments to functional payment rails. The milestone itself reflects broader momentum in tokenized payments, particularly as enterprises seek compliant solutions for blockchain-based transactions.

Rain will deploy the capital to expand its licensed operations across North America, South America, Europe, Asia, and Africa. The funding will further support platform enhancements, including strategic acquisitions, and development of new products designed to make stablecoin payments seamless for businesses and consumers.

"We believe we're witnessing a shift from legacy payment networks to programmable digital-asset infrastructure," said Kamran Zaki, partner at ICONIQ, touching on the firm's investment thesis.

As a Visa Principal Member, Rain already issues payment cards accepted at millions of locations across more than 150 countries.

Sources

• PRNewswire: Rain Raises $250M Series C to Scale Stablecoin-Powered Payments Infrastructure for Global Enterprises
• Rain: Social Media Communications
• Rain: Rain Raises $58M Series B Led By Sapphire Ventures to Become the Enterprise Stablecoin Platform of Record

‍

[Disclaimer: The content of this article is intended for entertainment and educational purposes only. No content published by Block319 is intended to constitute financial advice or advice of any kind. Block319 will not be liable for any losses incurred as a result of interacting with any platforms, products or services mentioned in this article. The blockchain industry is always risky. Always do your own research before engaging with any platform, product or service. If you believe the information included in this article is incorrect, please send an email to info@block319.com and we will endeavour to respond as soon as possible.]