Rain, which helps businesses issue stablecoin-linked Visa cards, raised a $250M Series C led by ICONIQ at a $1.95B valuation, taking its total funding to $338M+
Stablecoin firm Rain said on Friday it has raised $250 million in a funding round led by ICONIQ, valuing the company at $1.95 billion …
The financing lands as Visa is building tools for financial institutions and merchants to use stablecoins, while Visa is also among the launch members of Open Standard’s Open USD initiative. Rain sits at the card-issuance layer that can connect those network-level efforts to business payment products.
First-order effects
Rain gains $250M of additional capital and a $1.95B valuation benchmark, strengthening its capacity to support businesses issuing stablecoin-linked Visa cards.
ICONIQ becomes the lead investor in Rain’s latest round, while Rain’s cumulative funding rises above $338M.
Second-order effects
The round raises the competitive bar for providers of stablecoin-linked card issuance: prospective customers can weigh rivals against a better-capitalized Rain with a rapidly established funding history.
For Visa, Rain’s stronger balance sheet reinforces a specialized issuer partner as the card network seeks to make stablecoin use easier across its financial-institution and merchant ecosystem.
Third-order effects
If similar financings continue, stablecoin adoption may increasingly be mediated by familiar card-network and business-issuance infrastructure rather than standalone crypto products.
The combination of network-led stablecoin tooling and well-funded issuance platforms points toward competition shifting from token creation to distribution, settlement integration and business-facing payment services.
The trend: Stablecoin payments are moving toward institutional distribution through card networks and the infrastructure providers that package them for businesses.
2025 was a huge year for Rain, and our goals for 2026 are just as lofty. This round helps us get there. Expect to see better capabilities, more licenses, and products the world has never seen before. The future of money is here, and we're building the rails to make it possible.
We're excited to double down on Rain in their Series C and continue supporting @cnaut @rooqster and the entire world-class Rain team They've built the internet-native programmable payments stack that merges digital and legacy rails; bringing the best of modern money to
Congratulations to @raincards (ALL7) on their $250M Series C at a $1.95B valuation! Rain enables fintechs to offer stablecoin-powered cards to end customers through a single compliant API.
Stablecoins used to be considered experimental. That's no longer the case. Big congratulations to Lightspeed-backed @raincards on raising a $250M Series C. In under a year, Co-Founders @rooqster and @cnaut drove a 17x valuation increase, reflecting their execution and growing [im…
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WOW: Rain just raised $250M at a $1.95B valuation 🤯 17x increase in 10 months. 30x card growth. 38x payment volume growth. Stablecoin linked cards are on fire — What is Rain actually building? - Rain is a Visa Principal Member. - That's the same direct Visa relationship [image]
Onchain rails have proven their value. Rain is making them usable by everyone, and keeping them invisible in the process. Today, we're announcing our $250M Series C at a $1.95B valuation to keep building. 🧵 [video]