Rain raises $58M Series B to power stablecoin-based card issuing and global payments on Visa rails

Summary

Rain, a stablecoin payments infrastructure company, closed a $58 million Series B round, the co-founders Farooq and Charles confirmed on September 2, 2025. The company operates a stablecoin-based card issuing platform and payments institution, running primarily on Visa rails and serving customers across both the US and international markets, with roughly a 50/50 domestic-international revenue split.

The core value proposition sits at the B2B layer, not the consumer level. By settling seven days a week using stablecoins, Rain allows program operators to post significantly less collateral, reducing what would typically be four days of collateral exposure — including long-weekend risk — to less than one day. That operational efficiency translates into faster program launches, lower costs, and higher margins for partners.

Customers include Nuvei, a major payment acquirer, and Avalanche, whose branded card Rain powers. The company also backs dollar-access card programs across Latin America and emerging markets, and powers the Ether.fi card, which offers competitive cash-back rewards. Some Rain-powered programs are already offering 3% cash back, putting them in direct competition with premium cards like the Chase Sapphire Reserve and AmEx Platinum.

Founded around 2021, Rain survived the post-FTX crypto winter by continuing to build stablecoin infrastructure while broader financial institutions pulled back. That period of relative obscurity gave the company several years of production history that now serves as a competitive moat when large enterprises evaluate vendors.

On the regulatory front, Rain sees the new US stablecoin legislation as a demand catalyst, but expects a messy proliferation phase. The comparison is to the early gift card market — fragmented, siloed, and limited in interoperability. Rain positions itself as the utility layer that makes any stablecoin spendable wherever Visa is accepted globally.

The state of Wyoming is an early proof point. On the first day of launching its Frontier token, Rain's infrastructure made it accessible at any Visa-accepting merchant worldwide, with no additional integration work required from Wyoming. Farooq frames the broader stablecoin landscape as analogous to the historical patchwork of US private bank-issued currency — ultimately consolidating, but passing through a Cambrian explosion of formats first, issued by states, private banks, retailers like Walmart or Amazon, and potentially central banks in other jurisdictions. Rain's infrastructure is designed to be agnostic to whichever stablecoin variant a user or partner holds.