Rain has announced a USD 58 million Series B funding round, aimed at expanding its platform and providing institutions with an improved stablecoin infrastructure.
Following this announcement, the current raise brings Rain’s total funding to USD 88.5 million and comes just five months after the company’s Series A. The funding round was led by Sapphire Ventures, with participation from Dragonfly, Galaxy Ventures, Endeavor Catalyst, Samsung Next, Lightspeed, and Norwest.
Rain’s vertically integrated platform is expected to continue the process of allowing partners to embed stablecoins into products and operations, as well as covering money-in, storage, spending, and money-out through the use of one API. In addition, collaborators and partners will have the possibility to compliantly launch programs to multiple customers, with expansion underway into Europe, the Middle East, Africa, and Asia-Pacific.
More information on Rain’s USD 58 million Series B funding round
Rain represents a Visa Principal Member and was developed in order to settle card payment volume directly in stablecoins on the Visa network. The platform is built natively for stablecoins, not retrofitted from fiat rails, and meets enterprise compliance standards, such as PCI DSS, SOC 2, and audited smart contracts. The new funding round will enable the institution to continue focusing on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
At the same time, the new investment will be used to expand Rain’s platform and services to give global institutions an optimised, flexible, modular, and compliant stablecoin infrastructure. The company is also investing in hiring across engineering, commercial, and compliance teams, as this process will take place while also helping existing partners scale programs and enter into new markets where enterprises are embracing stablecoin-based payment workflows.
As stablecoins have scaled to hundreds of billions in circulation, but until now, they couldn’t be easily spent, the initiative aims to fix that by connecting stablecoins to Visa’s global network and turning them into money that customers can actually use for everyday commerce.
