Investment Firm Norwest Venture Partners Leads $24.5 Million Financing Round for Cryptocurrency Card Issuer Rain
Rain Raises $24.5 Million for Global Expansion of Stablecoin-Powered Payment Services
Rain, a fintech company specialising in cryptocurrency payments, has successfully secured $24.5 million in a funding round led by Norwest Venture Partners. The fundraising round also saw participation from Galaxy Ventures, Goldcrest, Thayer, and Hard Yaka, following a $6 million funding round announced in 2022.
The fresh capital will be primarily used to expand Rain's stablecoin-powered global card issuing services. This move aims to scale Rain's platform that enables real-world usability of stablecoins through payment cards, promoting broader adoption and integration of stablecoins in global payments.
Rain's strategy is centred on three key areas:
- Global Expansion: Rain plans to grow its card issuing capabilities across various markets, supporting payments with stablecoins worldwide.
- Infrastructure Development: The company is committed to continuing the development of the infrastructure that bridges stablecoins with conventional payment rails, ensuring these digital assets can be used seamlessly in everyday transactions.
- Compliance and Security: Rain is focusing on enhancing compliance and security measures, including achieving Payment Card Industry Data Security Standard (PCI DSS) compliance to meet global regulatory standards for handling payments.
These strategic moves position Rain to capitalise on the rising demand for stablecoin-based payment solutions and enable more widespread, practical use of stablecoins beyond crypto native environments.
In addition to these plans, Rain has partnered with Visa to issue debit and credit cards for purchases and payments using stablecoins and other cryptocurrencies. The company recently partnered with Avalanche to launch a Visa card for payments using the AVAX token and stablecoins.
Rain also aims to provide digital dollar services to people globally and has plans to introduce corporate credit cards for decentralized autonomous organizations (DAOs). The company's strategy includes leveraging its partnership with Visa to receive a percentage of the fee that Visa charges merchants for accepting payments made using a Visa card.
Furthermore, Rain plans to use the fresh capital to expand customer access to stablecoins, marking an exciting period of growth for the fintech company in the rapidly evolving world of cryptocurrency payments.
[1] Rain (2023). Press Release: Rain Raises $24.5 Million for Global Expansion of Stablecoin-Powered Payment Services. [Online] Available at: https://rain.co/press/rain-raises-24-5-million-for-global-expansion-of-stablecoin-powered-payment-services/ [Accessed 15 March 2023].
[3] CoinDesk (2023). Rain Secures $24.5 Million to Expand Stablecoin-Powered Payment Services. [Online] Available at: https://www.coindesk.com/business/2023/03/14/rain-secures-24-5-million-to-expand-stablecoin-powered-payment-services/ [Accessed 15 March 2023].
The fresh capital acquired by Rain will be utilized to expand its stablecoin-powered payment services, facilitating global adoption and integration of stablecoins in the finance sector. Rain's strategy involves partnering with Visa to issue cards for purchases using stablecoins and other cryptocurrencies, as well as offering digital dollar services and corporate credit cards for decentralized autonomous organizations (DAOs). These developments demonstrate Rain's commitment to leveraging technology, particularly web3 and blockchain, to revolutionize traditional finance.
