Why We Raised: Scale Globally With Rain

Today we announced that Rain has raised $250 million in Series C funding at a $1.95 billion valuation.

The round was led by ICONIQ, a first-time investor in Rain. Other new participants include Bessemer Venture Partners and FirstMark. We’re grateful for the continued support of our existing investors: Sapphire Ventures, Dragonfly, Galaxy Ventures, Lightspeed, Norwest, and Endeavor Catalyst.

Reaching unicorn status is a huge milestone. Don’t get us wrong, we’re thrilled to join this club, but the story here isn’t in vanity metrics. It’s in where we’re going.

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How We Got Here

2025 was a breakout year for Rain.

We expanded our geographical footprint and platform capabilities, attracting new partners and allowing existing programs to scale.

Annualized payment volume increased by 38x and active card programs grew by 30x. Over 200 partners now trust Rain for global payments, including enterprise players like Western Union.

We made key investments in Rain’s foundation and future this year with the acquisitions of Fern and Uptop.

Fern’s multiplex, its native routing, orchestration, and compliance engine, adds to Rain’s existing infrastructure layer, improving on and offramps and multichain interoperability. Uptop, an onchain loyalty platform, brings rewards in-house, allowing us to better serve partners and deliver a core expectation to cardholders.

We also added support for more blockchains, including Stellar, Solana, Tron, and Plasma, making card programs more accessible for partners and attractive to users.

Our goals for 2026 are even more ambitious, and this latest round will support our mission to change how money moves.

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Why We Raised

Our Series A was about scaling our card issuance capabilities globally. We increased geographical coverage and invested in our infrastructure, including launching daily onchain settlement with Visa.

With our Series B, we expanded our suite of services. We began integrating onramps and virtual accounts, embedded wallets, advanced offramps, rewards, and more, to give enterprises a one-stop solution.

But we need to do more. That’s what our Series C is about.

We’ve never seen a fintech company that’s been able to unlock every key market across the globe for its customers. Rain’s goal is to be this company.

This round will help us get there. Expect to see better capabilities, enhanced support and hands-on partnership, more licenses to expand global operations, and products the world has never seen before.

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Why Now

It’s our third raise in less than 12 months. Unusual, we know.

But we also know when to read the room. We’re at a once-in-a-generation crossroads: the world is rapidly moving from traditional to onchain payment rails.

In 2025, stablecoins powered $47 trillion in transactions. Most of this was thanks to trading and cross-border B2B payments. The next wave will be stablecoin-powered consumer spending and everyday business transactions.

Tokenized money is the next era of money, and at Rain, we’re building the tools and software that will support this transition.

How do we get to mainstream adoption? Obviously, businesses need an infrastructure partner who can make stablecoin rails accessible. But appealing to the masses demands more than that. The infrastructure can’t just work, it has to be invisible.

Look at WiFi or GPS. These technologies didn’t go mainstream because people learned about data transmission or satellite trilateration; they took off because they removed friction points. When the infrastructure fades into the background, adoption follows.

That’s been Rain’s focus since day one: delivering a product that is more efficient on the backend, but seamless on the frontend.

This funding helps us get there faster. We can’t wait to deliver.

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