Rain completes $250 million funding round, reaching a valuation of $1.95 billion

Stablecoin payment company Rain announced the completion of a new $250 million funding round, bringing its post-money valuation to $1.95 billion. This round was led by ICONIQ, with participation from Sapphire Ventures, Dragonfly, Bessemer, Lightspeed, and Galaxy Ventures, bringing the company's total funding to over $338 million. Co-founder and CEO Farooq Malik stated that the funds will be used to expand business in North America, South America, Europe, Asia, and Africa, as well as to address global regulatory changes. Rain currently issues stablecoin payment cards in over 150 countries through a partnership with Visa, supporting local spending and ATM withdrawals, and plans to integrate with the US ACH and European SEPA payment systems. In addition, the company acquired the rewards platform Uptop and currency conversion platform Fern last year, and may continue to pursue strategic acquisitions in the future.