Rain company profile: valuation, funding & revenue

This Rain company profile covers the company's valuation, revenue, funding rounds, investors and history. Rain works in fintech, with a focus on stablecoin card issuing and payments infrastructure. It was founded in 2021 and is headquartered in New York, New York, United States. Its latest valuation on record is US$1.95 billion (January 2026). Every figure links to a public source, and anything the company hasn't disclosed is marked as such.

Revenue

Funding history

Rain timeline

Key dates from the sources on this page, oldest first. Metric snapshots are listed after the funding events.

• 2021 — Rain is founded in New York by Farooq Malik (CEO) and Charles Naut.
• Mar 2025 — Funding round: US$24.5M.
• Aug 2025 — Series B: US$58M. Investors: Sapphire Ventures (lead).
• Jan 2026 — Series C: US$250M, valuing the company at US$1.95B. Investors: ICONIQ (lead); Sapphire Ventures, Dragonfly, Bessemer, Galaxy Ventures, FirstMark, Lightspeed, Norwest, Endeavor Catalyst.
• January 2026 — Growth over prior year (company-stated): Active cards up 30x; annualised payment volume up 38x.
• January 2026 — Total funding: About US$338 million.

Investors

Rain is a New York company that lets fintechs, crypto wallets and other businesses issue Visa cards that spend stablecoins, digital dollars such as USDT and USDC, anywhere Visa is accepted. In January 2026 it raised a US$250 million Series C led by ICONIQ at a US$1.95 billion valuation, after saying its active cards had grown thirtyfold in a year. This profile explains how Rain works, its funding and growth, and the competition in stablecoin payments.

Rain's valuation

Rain's Series C of US$250 million was led by ICONIQ, with Sapphire Ventures, Dragonfly, Bessemer Venture Partners, Galaxy Ventures, FirstMark, Lightspeed, Norwest and Endeavor Catalyst, at a valuation of US$1.95 billion, according to The Block. It followed a US$58 million Series B led by Sapphire in August 2025 and a US$24.5 million raise in March 2025, taking total funding to about US$338 million, according to Forklog. The jump from early 2025 to a near-US$2 billion valuation within a year reflects investor enthusiasm for stablecoin payments after the US passed stablecoin legislation in 2025.

What Rain does

Rain is infrastructure. It does not mainly sell cards to consumers itself; instead, it provides the technology, licences and card programmes that let other companies offer stablecoin-funded cards to their users. A crypto wallet, exchange or fintech app can plug into Rain's platform and give customers a Visa card. When the cardholder pays, Rain converts the stablecoin to local currency at the moment of purchase and settles with the merchant through Visa's network, so the shop receives ordinary money.

Rain also offers wallets, treasury tools and payouts, so businesses can hold and move stablecoins and pay staff or suppliers. Cointelegraph reported that it supports USDT and USDC across several blockchains, including Ethereum, Solana, Tron and Stellar (Cointelegraph). Coverage of the Series C described a footprint spanning more than 150 countries.

Growth

Announcing the Series C, Rain said its active card base had grown 30 times and annualised payment volume 38 times over the previous year. These are company figures without dollar totals, but they show very fast adoption from a small base. The company plans to use the money to obtain licences and build teams in North America, South America, Europe, Asia and Africa.

Why stablecoin cards are growing

Stablecoins let people hold dollars digitally, which is valuable in countries with high inflation or limited access to US dollar bank accounts. But most shops do not accept stablecoins directly. Cards bridge that gap: users keep savings in stablecoins and spend them through the existing card network. Investors at Dragonfly have called stablecoin cards one of the biggest crypto themes of 2026. In the US, the GENIUS Act created a federal framework for stablecoin issuers, making banks, fintechs and card networks more comfortable working with them.

Founders

Farooq Malik, the chief executive, and Charles Naut founded Rain in 2021. The company is headquartered in New York and has grown quickly from a small team into a global payments operation.

Competitive landscape

Rain competes with other card-issuing and stablecoin infrastructure providers, including Bridge (owned by Stripe), which offers stablecoin cards with Visa; Baanx; and traditional card issuers such as Marqeta that are adding stablecoin features. Visa and Mastercard themselves are building stablecoin settlement. Its edge is a focus on stablecoin-native companies and fast global expansion. See our guides to stablecoin companies and crypto infrastructure, and our profile of Tether, issuer of USDT.

Risks

• Regulation: licensing rules for stablecoins and card issuing differ in every country.
• Partner concentration: a few large clients may account for much of its volume.
• Compliance: stablecoins can be used for money laundering or sanctions evasion, so controls must be strong.
• Competition: Stripe, Visa and Mastercard have far greater resources.
• Crypto cycles: usage may fall if crypto markets slump.

Questions to ask

• What is Rain's annual payment volume in dollars, and how many active cards are there?
• How concentrated is volume among its largest partners?
• Which licences does it hold in each region?
• How does it earn money per transaction, and how much comes from interchange?

Timeline in brief

• 2021: founded by Farooq Malik and Charles Naut.
• March 2025: US$24.5 million raise.
• August 2025: US$58 million Series B led by Sapphire Ventures.
• January 2026: US$250 million Series C led by ICONIQ at US$1.95 billion.

Rain at a glance

Rain is a New York stablecoin payments infrastructure company founded in 2021 by Farooq Malik and Charles Naut. It lets businesses issue Visa cards and wallets funded by stablecoins such as USDT and USDC. In January 2026 it raised a US$250 million Series C led by ICONIQ at a US$1.95 billion valuation, bringing total funding to about US$338 million, after reporting thirtyfold growth in active cards.

How Rain earns money

Card programmes earn interchange, a fee paid by the merchant's bank each time a card is used, which is shared among the card network, the issuer and the programme partners. Rain also charges its business customers for issuing cards, running programmes and providing wallets and payouts, and earns fees on converting stablecoins to local currency. As volumes rise, those small fees on each transaction add up. The 38-fold rise in annualised payment volume the company reported is the main driver of its valuation, because revenue in card businesses tends to scale with spending.

Valuation context

At US$1.95 billion, Rain is valued like a fast-growing payments infrastructure company rather than a crypto business. Investors are betting that stablecoins become a mainstream way to hold and move dollars globally and that cards remain the easiest way to spend them. Comparable infrastructure deals, such as Stripe's acquisition of Bridge, set high benchmarks for the sector.

What to watch

Watch for new licences, large partner launches, payment volume disclosures and competition from Stripe's Bridge and the card networks.

Takeaways

Rain is one of the fastest-growing companies in stablecoin payments, turning digital dollars into spendable money through the card network. Its valuation assumes that stablecoin spending becomes mainstream.

Sources

Every figure on this page comes from the public sources below. Where sources disagreed, we used the company's own announcement or a primary news report. Private-company data changes; check the date beside each figure.

1. The Block
2. Forklog