Rain
Stablecoin-powered cards and payments infrastructure for platforms and fintechs.
Website: https://www.rain.xyz/
Cover Block
| Field | Value |
|---|---|
| Name | Rain |
| Tagline | Stablecoin-powered cards and payments infrastructure for platforms and fintechs |
| Headquarters | New York, United States |
| Founded | 2021 |
| Stage | Series C |
| Business Model | API / Developer Platform |
| Industry | Fintech |
| Technology | Blockchain / Web3 |
| Geography | Global / Remote-First |
| Growth Profile | Venture Scale |
| Funding Label | $100M+ |
| Total Disclosed | ~$338M [Stabledash, Jan 2026] |
Links
- Website: https://www.rain.xyz/
- Careers: https://www.rain.xyz/careers
- Crunchbase: https://www.crunchbase.com/organization/rain-855d
- PitchBook: https://pitchbook.com/profiles/company/493077-52
Executive Summary
Rain is a New York-based payments infrastructure company that lets fintechs, neobanks, and enterprise platforms issue cards, run wallets, and settle global payments using stablecoins as the underlying rail [Rain, retrieved 2026]. The company closed a $250M Series C led by ICONIQ in January 2026 at a reported $1.95B valuation, bringing total disclosed funding to roughly $338M [Rain, Jan 2026] [Stabledash, Jan 2026]. Founded in 2021 by Farooq Malik and Charles Yoo-Naut, Rain has positioned itself as enterprise-grade middleware between blockchain settlement and traditional card networks, with modular APIs covering issuance, compliance, and liquidity routing [Rain, retrieved 2026]. The company reports more than $3B in annualized transactions across 200+ partners, with named customers including Western Union, Nuvei, and KAST [PR Newswire via Morningstar, Jan 2026]. The business model is infrastructure-as-a-service: Rain earns from interchange, FX, and platform fees [PYMNTS, 2025]. Investor syndicate quality includes Sapphire Ventures, Dragonfly, Bessemer, Galaxy, FirstMark, Lightspeed, Norwest, and Coinbase Ventures [Rain, Jan 2026].
Data Accuracy: GREEN -- Confirmed by Rain corporate communications, PR Newswire, Business Wire, and Stabledash.
Taxonomy Snapshot
| Axis | Value |
|---|---|
| Stage | Series C [Rain, Jan 2026] |
| Business Model | API / Developer Platform [Rain, retrieved 2026] |
| Industry / Vertical | Fintech / Payments Infrastructure [Crunchbase] |
| Technology Type | Blockchain / Stablecoin Settlement [Rain, retrieved 2026] |
| Geography | Global, HQ New York [Rain, Jan 2026] |
| Growth Profile | Venture Scale |
| Funding | ~$338M total disclosed across Series A, B, C [Stabledash, Jan 2026] |
How the Company Got Here
Rain was founded in 2021 by Farooq Malik and Charles Yoo-Naut with the thesis that stablecoins would become the operational currency for cross-border payroll, merchant payouts, and consumer spending [Rain, retrieved 2026] [Crunchbase]. The company is headquartered in New York and operates remote-first, with a product surface area that today spans card issuance, wallet infrastructure, blockchain settlement, and compliance tooling [Rain, retrieved 2026].
Rain raised a $24.5M round led by Norwest in March 2025 [Business Wire, Mar 2025], followed by a $58M Series B led by Sapphire Ventures in 2024 [PR Newswire, 2024]. In January 2026 the company announced a $250M Series C led by ICONIQ at a reported $1.95B valuation, with participation from Sapphire, Dragonfly, Bessemer, Galaxy, FirstMark, Lightspeed, Norwest, and Endeavor Catalyst [Rain, Jan 2026].
Key commercial milestones include partnerships with Lithic, an acquisition of Fern to strengthen liquidity routing, and a published case study with Dakota [Rain, retrieved 2026]. The company has also joined the Financial Technology Association [FTA].
Data Accuracy: GREEN -- Confirmed by Rain corporate site, Crunchbase, PR Newswire, and Business Wire.
Product and Technology
Rain's product is a vertically integrated issuer-processor for stablecoin balances. The platform exposes modular APIs for blockchain settlement, card issuance, and compliance, allowing a fintech or platform to fund a program in stablecoins and have end users spend at any Visa-accepting merchant globally [Rain, retrieved 2026].
Two customer deployments illustrate the product: Nuvei uses Rain-powered accounts to pay merchants seven days a week in stablecoins [Rain, retrieved 2026]. Nomad, a Brazil-focused neobank, uses Rain so its customers can save, store, and spend in dollars [Rain, retrieved 2026]. A case study with Dakota describes a stablecoin-backed business banking card where Rain handles core compliance and payment infrastructure [Rain, retrieved 2026].
The acquisition of Fern added a connective layer of available, permissioned liquidity providers and bank partners [Rain, retrieved 2026].
Data Accuracy: GREEN -- Confirmed by Rain product documentation, Paymentology client story, and PYMNTS interview.
Market Research and Opportunity
Stablecoin payments have moved from a crypto-native curiosity to a category that established payments players are actively building toward. Rain's thesis is that stablecoin rails offer materially better unit economics for cross-border payouts, merchant settlement, and dollar-access products in inflationary economies than the correspondent-banking and card-acquiring stacks they replace [Sapphire Ventures] [PYMNTS, 2025].
Rain claims more than $3B in annualized transactions across 200+ partners as of January 2026 [PR Newswire via Morningstar, Jan 2026].
| Metric | Value |
|---|---|
| Annualized transactions on Rain | $3B+ |
| Partners on platform | 200+ |
| Reported valuation, Series C | $1.95B |
| Total disclosed funding | ~$338M |
Data Accuracy: YELLOW -- Volume and partner figures are company-disclosed via press release; no independent third-party market sizing is captured in the available sources.
Competitive Landscape
In issuer-processing, the reference points are Marqeta, Lithic, and Stripe Issuing. Rain has announced a strategic relationship with Lithic to accelerate global growth [Rain, retrieved 2026]. Rain's differentiation comes from the stablecoin-native settlement and liquidity layers.
In cross-border payouts and stablecoin orchestration, the competitive set includes companies like BVNK, Bridge (acquired by Stripe), and Conduit. Rain's edge rests on enterprise customer logos (Western Union, Nuvei, KAST), a deep VC syndicate, and the Fern acquisition's liquidity-routing layer [Rain, Jan 2026] [Rain, retrieved 2026].
Data Accuracy: YELLOW -- Competitive set inferred from category knowledge; no head-to-head competitor is named in the captured sources.
Opportunity
Rain aims to become the enterprise stablecoin platform of record. The cited evidence includes $3B in annualized volume across 200+ partners and a customer list (Western Union, Nuvei, KAST, Nomad, Dakota) spanning remittance, merchant acquiring, neobanking, and business banking [PR Newswire via Morningstar, Jan 2026] [Rain, retrieved 2026].
| Scenario | What happens | Catalyst | Why it's plausible |
|---|---|---|---|
| Embedded enterprise standard | Rain becomes the cited reference architecture for stablecoin issuance | A second tier-one remittance or card network standardizes on Rain | Western Union is already a named partner [PR Newswire via Morningstar, Jan 2026] |
| LatAm dollar-access default | Rain powers the dominant share of dollar-denominated consumer accounts | Nomad-style neobanks roll out Rain-issued cards at national scale | Nomad is in production on Rain in Brazil [Rain, retrieved 2026] |
| Regulatory tailwind capture | U.S. stablecoin legislation passes | Federal stablecoin framework clarifies issuer obligations | Rain has joined the Financial Technology Association [FTA] |
Data Accuracy: YELLOW -- Scenarios are analyst-constructed from confirmed customer and funding facts; outcomes are inherently forward-looking.
Sources
- [Rain] Rain | Stablecoin-Powered Cards & Payments Infrastructure | https://www.rain.xyz/
- [Rain] About Rain | Rebuilding the Pipes Money Moves Through | https://www.rain.xyz/about-us
- [Rain, Jan 2026] Why We Raised: Scale Globally With Rain | https://www.rain.xyz/resources/why-we-raised-scale-globally-with-rain
- [Rain, Jan 2026] Rain Raises $250M Series C led by ICONIQ | https://www.rain.xyz/resources/rain-raises-250m-series-c-to-scale-stablecoin-powered-payments-infrastructure-for-global-enterprises
- [Rain] Careers | https://www.rain.xyz/careers
- [Rain] Technology | https://www.rain.xyz/technology
- [Crunchbase] Rain Company Profile & Funding | https://www.crunchbase.com/organization/rain-855d
- [PR Newswire, 2024] Rain Raises $58M Series B Led By Sapphire Ventures | https://www.prnewswire.com/news-releases/rain-raises-58m-series-b-led-by-sapphire-ventures-to-become-the-enterprise-stablecoin-platform-of-record-302540587.html
- [Business Wire, Mar 2025] Rain Announces $24.5 Million in Funding Led by Norwest | https://www.businesswire.com/news/home/20250324739515/en/Rain-Announces-$24.5-Million-in-Funding-Led-by-Norwest-to-Expand-Stablecoin-Powered-Card-Issuing-Globally
- [Stabledash, Jan 2026] Rain Secures $250M Series C at $1.95B Valuation | https://stabledash.com/news/2026-01-09-rain-secures-250m-series-c-at-195b-valuation-to-expand-stablecoin-payments
- [Sapphire Ventures] Stablecoins as Money: Why We're Thrilled to Lead Rain's Series B | https://sapphireventures.com/blog/stablecoins-as-money-why-were-thrilled-to-lead-rains-series-b/
- [PYMNTS, 2025] Rain's CEO Is Betting the Stablecoin Story May Be One Consumers Never Notice | https://www.pymnts.com/cryptocurrency/2025/rains-ceo-is-betting-the-stablecoin-story-may-be-one-consumers-never-notice/
- [Paymentology] Client Story: Rain | https://www.paymentology.com/client-story-rain
- [FTA] FTA Welcomes Innovative Payments Company Rain | https://www.ftassociation.org/fta-welcomes-innovative-payments-company-rain/
- [FinTech.am, 2026] Rain hits $1.95bn valuation after $250m Series C | https://www.fintech.am/rain/?lang=en
- [PitchBook] Rain (New York) Company Profile | https://pitchbook.com/profiles/company/493077-52
- [AshbyHQ, retrieved 2026] Rain Open Roles | https://jobs.ashbyhq.com/rain
Articles about Rain
- Rain Wants Every Fintech's Card Program Settling in Stablecoins by Sunday — The New York startup just raised $250M from ICONIQ at a $1.95B valuation, with Western Union and Nuvei already routing money through its rails.