Visa-Backed Rain Raises $24.5M to Expand Stablecoin Payment Cards

Rain, a global card issuing platform that leverages stablecoins, has successfully raised $24.5 million in funding, with the round being led by Norwest Venture Partners. Other participants in the investment include Galaxy Ventures, Goldcrest, Thayer, and Hard Yaka, as well as existing investors such as Lightspeed Venture Partners, Coinbase Ventures, Vinyl Capital, Canonical Crypto, and Latitude Capital.

The funding will be used to improve Rain’s interoperability with existing financial systems, enhance its global presence, and advance its stablecoin authorization and settlement infrastructure. Over the past year, Rain has experienced impressive growth, seeing a 15-fold increase in its operations and processing transactions across more than 100 countries.

Visa’s backing is a major milestone for the company, as it has attained principal membership with Visa, which enables Rain to issue cards across Europe, the U.S., and Latin America. This vertical integration allows Rain to run card programs worldwide, settling transactions directly in stablecoins. The platform supports businesses in issuing both physical and virtual cards that are linked to a variety of wallet types or traditional fiat accounts, and it supports native settlement across multiple blockchain networks.

Norwest Venture Partners, which has over $15.5 billion in capital, has a strong track record of backing fintech innovations. The firm’s portfolio includes investments in companies like Plaid, which simplifies financial data access between banks and consumers. Parker Barrile, a partner at Norwest, noted the significance of Rain’s platform in merging compliance with the flexibility of digital currencies, positioning it as a leader in the growing adoption of stablecoins.

This funding highlights the increasing interest in integrating stablecoins into mainstream financial services, underscoring Rain’s potential to bridge traditional finance with the expanding digital currency ecosystem.