Traditional payment systems process transactions through layers of intermediaries, creating delays and costs that hold back global commerce. While stablecoins processed $27.6T in 2024 alone—more than Visa and Mastercard combined—most of this digital money remains trapped in wallets, unable to be spent at everyday merchants. Rain addresses this gap by providing enterprise-grade stablecoin infrastructure that lets businesses launch card programs, wallets, and payment solutions through a single API integration. The platform serves over 1.5 billion people across 150+ countries and uniquely settles 100% of card transactions directly in stablecoins on the Visa network, while maintaining enterprise compliance standards including PCI DSS and SOC 2. With recent 10x transaction growth and partnerships spanning from Nuvei to Avalanche, Rain has established itself as the bridge between digital assets and real-world spending.
AlleyWatch sat down with Rain CEO and Cofounder Farooq Malik to learn more about the business, its future plans, recent funding round that brings total funding to $88.5M, and much, much more…
Who were your investors and how much did you raise?
We raised a $58M Series B led by Sapphire Ventures, with participation from Dragonfly, Galaxy Ventures, Endeavor Catalyst, Samsung Next, Lightspeed, and Norwest.
Tell us about the product or service that Rain offers.
Rain is the enterprise-grade stablecoin infrastructure platform. Through a single API integration, partners can compliantly offer stablecoin-powered cards, wallets, and payment solutions to more than 1.5 billion people around the world.
What inspired the start of Rain?
Money in its earliest form moved instantly, but over time, payments have slowed with layers of intermediaries and costs. We started Rain to bring that simplicity back by unleashing the promise and potential of onchain assets like stablecoins. Our goal is to make money flow freely across borders, platforms, and currencies.
How is Rain different?
Unlike platforms retrofitted from fiat rails, Rain is natively built for stablecoins from the ground up. We’re a Visa Principal Member, settle 100% of card volume in stablecoins daily, and meet enterprise compliance standards like PCI DSS and SOC 2.
What market does Rain target and how big is it?
We target global enterprises, fintechs, banks, and platforms. Stablecoins processed $27.6T in 2024 alone — more than Visa and Mastercard combined — and the market is projected to grow more than 10x to $3.7T by 2030.
What’s your business model?
We provide stablecoin infrastructure through a modular SaaS + payments model, powering partners’ payment programs and taking a share of volume processed.
How are you preparing for a potential economic slowdown?
Stablecoins thrive in uncertain environments by offering speed, cost efficiency, and access. Our infrastructure helps enterprises take advantage of these benefits, lowering expenses and unlocking faster growth as a result, and helping to make us resilient even in downturns.
What was the funding process like?
It was fast, coming just five months after our Series A. Investors were quick to recognize our 10x growth, and the favorable regulatory conditions.
What are the biggest challenges that you faced while raising capital?
As a frontier category, education was key. This meant helping institutional investors understand how stablecoins were moving from speculative to essential infrastructure. We had to prove our value beyond the stablecoin hype.
What factors about your business led your investors to write the check?
Our enterprise traction, regulatory readiness, and differentiated technology. Partners like Nuvei, Avalanche, and Nomad are already scaling with Rain, and our 10x transaction growth proved both demand and durability. Our position as a Visa Principal Member puts us in a competitive position.
What are the milestones you plan to achieve in the next six months?
We’re expanding our product suite across money-in, wallets, and money-out; scaling support for existing partners; hiring across engineering, commercial, and compliance; and expanding into Europe and the Middle East.
What advice can you offer companies in New York that do not have a fresh injection of capital in the bank?
Focus on customer value, tighten operations, and build resilience. Strong fundamentals matter more than ever, and capital follows traction.
Where do you see the company going now over the near term?
We’re scaling Rain into the one-stop platform for stablecoin adoption, giving enterprises the infrastructure to move, store, and use stablecoins instantly and compliantly worldwide.
What’s your favorite summer destination in and around the city?
The Hotel Chelsea as it’s one of those rare New York spots where history, art, and energy collides. You can step in for a drink or dinner, and feel like you’re part of the city’s creativity legacy.
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