Rain raises USD 110 mln in Series B round

It is one of the first Middle East investment for both the firms. The round is one of the largest investment deals for any startup in the Middle East & North Africa. It also includes participation of Coinbase Ventures, Global Founders Capital, MEVP, Cadenza Ventures, JIMCO, and CMT Digital.

In addition to expanding the team, Rain plans to use the latest investment to improve its tech and launch new markets including Trukey and Pakistan after acquiring mandatory regulatory approvals.

Rain had previously raised USD 6 million in a Series A led by MEVP in January 2021. Its previous investors also include Coinbase, JIMCO, and Saudi’s Vision Ventures.

Founded in 2017, Rain runs a crypto exchange in different Middle Eastern markets, enabling users there to buy and sell Bitcoin, Ethereum, Litecoin, XRP, Tether, and a few others. The startup claims to have 185,000 users and processed over USD 1.9 billion worth of transactions to date. It currently employs a team of 400 people and plans to double the size in 2022.