Rain is Scaling Stablecoin-Powered Payments Infrastructure for Global Enterprises

Rain, the enterprise-grade infrastructure for stablecoin-powered payments, led by Farooq Malik and Charles Naut, has secured a $250 million Series C funding round led by ICONIQ, with participation from Sapphire Ventures, Dragonfly, Bessemer Venture Partners, Galaxy Ventures, FirstMark, Lightspeed, Norwest, and Endeavor Catalyst, bringing the total funding to $338 million and valuing the company at $1.95 Billion.

Stablecoins have shifted from a speculative niche to a major global value-transfer system, with the next wave focused on making tokenized money the default for payments, savings, and spending. Enterprise adoption depends on infrastructure that enables on-chain settlement while keeping user experiences seamless and familiar, exactly the problem Rain’s technology solves.

According to CEO Farooq Malik, Rain has seen its active card base grow 30× and annualized payment volume rise 38× over the past year. The new funding will support expansion into additional markets and help more enterprises launch and scale stablecoin-powered payment products.

Rain’s end-to-end payments platform enables companies to launch compliant stablecoin cards accepted across the Visa network, issue rewards, convert fiat to stablecoins, support secure wallets, and streamline global payouts through a single partner. The platform now processes over $3B in annualized transactions for more than 200 partners, including Western Union, Nuvei, and KAST. Programs built on Rain’s infrastructure can reach more than 2.5 billion people, supporting everything from routine consumer purchases to large-scale business expenses such as cloud infrastructure and digital advertising.

ICONIQ Partners views the market as entering a shift from legacy payment networks to programmable digital-asset infrastructure. According to Kamran Zaki, this transition creates a limited window to establish the default platform enterprises will adopt. Rain is highlighted as combining full-stack technology, regulatory readiness, and real-world scale, positioning the company to make tokenized money mainstream rather than a niche experiment, an approach that aligns with the needs of large enterprises moving from exploration to production.

Rain’s Series C capital will support expansion across licensed markets in North America, South America, Europe, Asia, and Africa, enabling global partners to launch compliant, stablecoin-based payment solutions with minimal friction. The investment will also strengthen Rain’s full-stack stablecoin infrastructure through platform enhancements, strategic acquisitions, and early development of new products designed to make stablecoin payments seamless and invisible in everyday use. Wachtell, Lipton, Rosen & Katz acted as legal advisor for the Series C financing.