Rain, a global card-issuing platform leveraging stablecoins, has successfully raised $24.5 million in funding, with the round led by Norwest Venture Partners. Other notable participants include Galaxy Ventures, Goldcrest, Thayer, and Hard Yaka, alongside existing backers such as Lightspeed Venture Partners, Coinbase Ventures, Vinyl Capital, Canonical Crypto, and Latitude Capital.

Expanding Interoperability and Global Reach

This latest investment will enable Rain to enhance its interoperability with existing financial systems, expand its global footprint, and strengthen its stablecoin authorization and settlement infrastructure. According to the company, Rain has seen significant growth over the past year, with a 15-fold increase in operations and transaction processing across more than 100 countries.

Visa Partnership and Card Issuance Capabilities

Rain has also secured principal membership with Visa, a move that bolsters its ability to issue cards across the U.S., Europe, and Latin America. The company’s vertically integrated issuing stack supports the operation of card programs on a global scale, enabling seamless settlement of transactions in stablecoins.

The platform allows businesses to issue both physical and virtual cards that can be linked to various wallet types or traditional fiat accounts. Additionally, Rain supports native settlement on multiple blockchain networks, making it a versatile solution for companies looking to bridge the gap between digital assets and traditional finance.

Backing from Norwest Venture Partners

Norwest Venture Partners, a global investment firm managing over $15.5 billion in capital, has a proven track record of supporting fintech innovations. The firm’s portfolio includes companies like Plaid, which facilitates financial data access between banks and consumers. Their involvement in Rain underscores the growing interest in integrating stablecoins into mainstream financial services.

“Rain’s platform combines the compliance standards of traditional finance with the flexibility of digital currencies, positioning it as a leader in the adoption of stablecoins,” said Parker Barrile, a partner at Norwest Venture Partners.

Bridging Traditional Finance and Digital Currencies

This funding round highlights the increasing demand for stablecoin-based solutions as financial institutions and businesses look to integrate digital assets into their operations. Rain’s efforts to bridge traditional finance with the growing digital currency ecosystem place it at the forefront of this transformation, offering innovative tools for businesses and individuals alike.

With continued growth and support from leading investors, Rain is poised to play a pivotal role in the evolution of global financial services, leveraging stablecoins to create a more interconnected and efficient financial system.

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