Rain raises $250M Series C at $1.95B to scale enterprise stablecoin payments

Rain, an enterprise-grade stablecoin payments infrastructure provider, raised $250 million in a Series C round led by ICONIQ at a $1.95 billion valuation, bringing total funding to over $338 million. Additional investors include Sapphire Ventures, Dragonfly, Bessemer, Lightspeed, Galaxy Ventures, FirstMark, Norwest and Endeavor Catalyst. Rain’s platform enables businesses to issue compliant stablecoin cards, wallets and payouts, convert fiat to stablecoins, and integrate with payment rails (Visa-linked cards, ACH, SEPA) to enable crypto-to-fiat conversions. The company processes roughly $3 billion in annualized transaction volume for 200+ partners such as Western Union, Nuvei and KAST, and claims reach to 2.5 billion potential users. Rain plans to use the capital to accelerate international expansion (North and South America, Europe, Asia, Africa), strengthen its payments stack, pursue strategic acquisitions and develop new products. Recent acquisitions include rewards platform Uptop and currency conversion provider Fern. The raise follows rapid prior rounds and comes amid a surge in stablecoin activity — 2025 stablecoin transaction volume jumped significantly, led by USDC and USDT — underscoring strong investor appetite for regulated stablecoin rails and growing retail use for remittances, salaries and payments. For traders: this funding strengthens Rain’s ability to scale stablecoin-to-fiat flows and card-based spend, which may increase on-chain stablecoin velocity and retail payment volume over time, supporting demand for major dollar-pegged stablecoins.