Rain Secures $24.5M for Global Expansion of Stablecoin Card Issuing
Deal News | Mar 28, 2025 | Orrick
Rain, a global card issuing platform utilizing stablecoins, has successfully raised $24.5 million in a new funding round led by Norwest Venture Partners. Other notable investors, including Galaxy Ventures, Goldcrest, Thayer, and Hard Yaka, participated in this latest funding effort alongside existing investors such as Lightspeed Venture Partners and Coinbase Ventures. Capital raised will be directed toward expanding Rain's stablecoin-powered card operations globally. Part of their expansion strategy involves leveraging their newly achieved principal membership with Visa to bolster issuance within Europe, the U.S., and Latin America. Rain, founded in 2021 by Farooq Malik and Charles Naut, aims to pioneer financial accessibility and innovation with the new backing. Leading the legal advisory for this round was Orrick, represented by a team led by Joseph Perkins and including members Andrs Yarto, Ally Aquilina-Piscitello, and Alex Beezy.
Sectors
- Financial Technology
- Payments and Card Issuing
- Cryptocurrency and Blockchain
Geography
- Global – Rain is expanding its operations globally, aiming to expand in Europe, the U.S., and Latin America.
- United States – The U.S. is one of Rain's target markets for expanding its stablecoin-powered card issuing operations.
- Europe – Rain plans to build its issuance footprint in Europe as part of its international expansion strategy.
- Latin America – Latin America is among the regions where Rain aims to increase its card issuing operations.
Industry
- Financial Technology – Rain is a financial technology company specializing in stablecoin-powered card issuing, indicating its position in the fintech sector, which focuses on innovative financial services and solutions.
- Payments and Card Issuing – Rain operates as a card issuer under the Visa network, highlighting their involvement in the payments sector, which includes companies that provide payment solutions and card services.
- Cryptocurrency and Blockchain – As a company that leverages stablecoins for its card issuing platform, Rain is part of the broader cryptocurrency and blockchain industry, which involves virtual currencies and decentralized technologies.
Financials
- $24.5 million – The total amount raised by Rain in the funding round led by Norwest Venture Partners.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Rain | Target company | Company | Rain is a global card issuing platform powered by stablecoins, founded in 2021. |
| Norwest Venture Partners | Lead Investor | Company | Norwest Venture Partners led the funding round for Rain. |
| Galaxy Ventures | Investor | Company | Galaxy Ventures is one of the new investors in Rain's funding round. |
| Goldcrest | Investor | Company | Goldcrest is one of the new investors in Rain's funding round. |
| Thayer | Investor | Company | Thayer is one of the new investors in Rain's funding round. |
| Hard Yaka | Investor | Company | Hard Yaka is one of the new investors in Rain's funding round. |
| Lightspeed Venture Partners | Existing Investor | Company | Lightspeed was an existing investor who also participated in the current funding round. |
| Coinbase Ventures | Existing Investor | Company | Coinbase Ventures was an existing investor who also participated in the current funding round. |
| Vinyl Capital | Existing Investor | Company | Vinyl Capital was an existing investor who also participated in the current funding round. |
| Canonical Crypto | Existing Investor | Company | Canonical Crypto was an existing investor who also participated in the current funding round. |
| Latitude Capital | Existing Investor | Company | Latitude Capital was an existing investor who also participated in the current funding round. |
| Orrick | Legal Advisor | Company | Orrick provided legal advisory services to Rain during the funding round. |
| Visa | Partner | Company | Visa is partnering with Rain as a Visa principal member to help expand their card issuing footprint. |