Rain Valuation, Funding & Investors

Rain is valued at $1.9B as of January 2026.

See full Rain profile

Last Rain valuation

$1.9B

Series C · Jan 2026

Last Rain funding round

$250M

Series C · Jan 2026

Cumulative funding Rain raised

$333M

across 3 funding rounds

Key investors in Rain

  • Norwest
  • Lightspeed Venture Partners
  • Endeavor Catalyst
  • Sapphire Ventures
  • Dragonfly
  • Galaxy Ventures

Rain Overview

About Rain

Rain is a New York-based infrastructure provider enabling stablecoin wallets, payment cards, and cross-border transfers via a single API for fintech platforms and banks. Partners convert fiat to USDC or PYUSD, issue Visa-linked virtual cards, and settle merchant payouts globally. Launched in 2022, the platform handles KYC verification, AML screening, and connections to networks like Visa Direct and Circle.


Founded

2021

HQ

United StatesNew York City, NY

Website

rain.xyz

Status

Privately held

Customer focus

B2B

Revenue model

Usage-based

Valuation

$1.9B (Jan 2026)

Rain Valuation

Rain is currently valued at $1.9B, based on its Series C in January 2026.

The $250M round was led by ICONIQ Capital, with participation from Galaxy Ventures, Dragonfly, FirstMark, Norwest, Bessemer Venture Partners and 3 other investors.

Rain's valuation has moved from $1.9B at its Series A in March 2025 to $1.9B in January 2026, across 2 priced rounds.

Rain valuation by funding round

Rain valuation by funding round
DateStageValuation
Jan 2026Series C$1.9B
Mar 2025Series A$1.9B

Rain Funding History

Rain has raised a total of $333M across 3 funding rounds.

Rain's first fundraising round was a $25M Series A in March 2025. The most recent completed round was a $250M Series C in January 2026.

Rain funding rounds

Rain funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jan 2026Series CICONIQ Capital (lead); Galaxy Ventures; Dragonfly; FirstMark; Norwest; Bessemer Venture Partners; Lightspeed Venture Partners; Endeavor Catalyst; Sapphire Ventures$250M$1.9BRain is a New York-based fintech founded in 2021, providing enterprise-grade infrastructure for stablecoin-powered payments. Its platform enables over 200 companies, including Western Union, Nuvei, and KAST, to issue stablecoin payment cards accepted wherever Visa is, with features like fiat-to-stablecoin conversion, rewards, and payouts. Rain bridges blockchain-based stablecoins and traditional payment systems, facilitating cross-border payments, vendor payouts, and employee payments. On January 9, 2026, Rain announced a $250 million Series C funding round led by ICONIQ Capital, with participation from Sapphire Ventures, Dragonfly, Bessemer Venture Partners, Galaxy Ventures, FirstMark, Lightspeed Venture Partners, Norwest, and Endeavor Catalyst. The round valued Rain at a post-money $1.95 billion, up more than 17x in 10 months, bringing total funding to over $338 million following a $58 million Series B four months prior and $24.5 million Series A 10 months earlier. Rain reported strong traction with its active card base growing 30x and annualized payment volume surging 38x over the past year, facilitating over $3 billion in annualized transactions. The company plans to use the funds to expand into licensed markets across North America, South America, Europe, Asia, and Africa, deepen platform capabilities including ACH and SEPA integrations, pursue strategic acquisitions like recent buys of Uptop and Fern, and develop new products to make stablecoin payments seamless. ICONIQ Partner Kamran Zaki highlighted Rain's full-stack technology, regulatory readiness, and scale as key to mainstreaming tokenized money for enterprises shifting from legacy networks to programmable digital-asset infrastructure.
Aug 2025Series BSapphire Ventures (lead); Samsung NEXT; Dragonfly; Norwest; Lightspeed Venture Partners; Endeavor Catalyst; Galaxy Ventures$58M--
Mar 2025Series ANorwest (lead); Thayer Ventures; Derive Ventures; Hard Yaka; Goldcrest Capital; Galaxy Ventures$25M$1.9BRain is a stablecoin startup operating in the fintech and crypto space, focusing on digital assets and financial technology solutions. The company raised $250 million in a Series C funding round at a $1.95 billion post-money valuation. The valuation reflects strong investor interest in stablecoin infrastructure amid growing crypto adoption, contributing to the broader 2025 global venture funding trend in fintech totaling $51.9 billion across 3,733 deals, up 26.9%.

Who has invested in Rain?

15 investors have backed Rain across its funding rounds, including Norwest, Lightspeed Venture Partners, Endeavor Catalyst, Sapphire Ventures, Dragonfly and Galaxy Ventures.

Lead investors include ICONIQ Capital, Sapphire Ventures and Norwest.


Rain Investors

Investors in Rain by funding rounds participated
InvestorHQRoundsRoleFirst check
NorwestUnited StatesSan Francisco, CA3LeadMar 2025
DragonflyUnited StatesSan Francisco, CA2ParticipantAug 2025
Lightspeed Venture PartnersUnited StatesSan Francisco, CA2ParticipantAug 2025
Endeavor CatalystUnited StatesNew York City, NY2ParticipantAug 2025
Sapphire VenturesUnited StatesAustin, TX2LeadAug 2025
Galaxy VenturesCanadaSan Francisco, CA2ParticipantMar 2025
Thayer VenturesUnited StatesSan Francisco, CA1ParticipantMar 2025
ICONIQ CapitalUnited StatesSan Francisco, CA1LeadJan 2026
Galaxy Ventures--1ParticipantJan 2026
Samsung NEXTUnited StatesSan Francisco, CA1ParticipantAug 2025
FirstMarkUnited StatesNew York City, NY1ParticipantJan 2026
Derive VenturesUnited StatesSan Francisco, CA1ParticipantMar 2025
Hard YakaUnited StatesLake Tahoe, NV1ParticipantMar 2025

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Acquisitions by Rain

Rain has acquired 3 companies to date.

Last acquisition by Rain was on August 12th 2026. Rain acquired Ansa for undisclosed valuation.


Latest Acquisitions by Rain

Ansa
Guardrail.ai
Uptop
Description
Ansa is a New York-based developer of closed-loop payment platforms for loyalty programs in retail and e-commerce. Founded in 2022, the technology enables brands to issue digital wallets, fund customer balances, and track spending patterns through Stripe integrations. Ansa reduces processing fees by 30% via virtual cards, boosting average order values in fashion and consumer goods. Deployed by DTC brands, it supports iOS and Android apps for seamless redemptions and analytics dashboards.
Guardrail.ai is a security company developing transaction detection and prevention tools for blockchain teams. The firm combines research-based detection with a novel response mechanism to address exploits in web3 environments.
Uptop is a software firm focused on blockchain applications that enable tokenization for customer rewards. The company develops tools to convert assets into digital tokens, facilitating decentralized earning mechanisms across web3 platforms.
HQ CountryUnited StatesUnited StatesUnited States
HQ City
San Francisco, CA
San Francisco, CA
New York City, NY
Deal Date12 Aug 202616 Jun 202612 Nov 2025
Valuationundisclosedundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Rain Competitors

Rain competitors include listed companies like Block, StoneCo, Fawry and dLocal, and private ones like RedotPay and Fintiv.

Public and private companies comparable to Rain
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
BlockUnited StatesUnited StatesPublicly listed$24B$2.2B$46B1.6x
RedotPayHong KongHong KongPrivate$150M-$2B13.3x
StoneCoBrazilBrazilPublicly listed$2.6B$965M$2.2B1.2x
FintivUnited StatesAustin, TXPrivate--$2.4B-
FawryEgyptEgyptPublicly listed$166M$73M$1.2B5.2x
dLocalUruguayUruguayPublicly listed$1.1B$229M$4.2B2.3x

Rain Public Comps

Rain is still privately-owned, but its public comps include Alkami Technology, Sharplink, Flywire, Evertec, Pine Labs, StoneCo, Marqeta, Lakala, Payoneer and Securitize.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Alkami Technology$444M($27M)5.1x4.5x(85.4x)26.5x
Sharplink$28M($734M)61.9x39.9x(2.4x)141.1x
Flywire$623M$45M3.0x2.6x41.8x11.9x
Evertec$932M$330M3.0x2.7x8.6x6.8x
Pine Labs$250M$14M8.0x6.4x145.8x32.6x
StoneCo$2.6B$965M1.3x1.2x3.6x2.2x
Marqeta$625M$14M1.5x1.4x69.6x7.1x
Lakala$827M$218M1.8x1.6x6.7x12.8x

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Common questions about Rain

When was Rain founded?Rain was founded in 2021.
Where is Rain headquartered?Rain is headquartered in New York City, NY, United States.
Is Rain publicly listed?No, Rain is a private, VC-backed company.
What is Rain's valuation?Rain was last valued at $1.9B in its Series C in January 2026.
How much funding has Rain raised?Rain has raised $333M across 3 funding rounds.
What was Rain's last funding round?Rain's last funding round was a $250M Series C in January 2026, led by ICONIQ Capital.
Who are Rain's investors?Rain's investors include Norwest, Dragonfly, Lightspeed Venture Partners, Endeavor Catalyst, Sapphire Ventures, Galaxy Ventures, Thayer Ventures, ICONIQ Capital, Galaxy Ventures, Samsung NEXT and 5 others.
Which companies are comparable to Rain?Companies comparable to Rain include Block, RedotPay, StoneCo, Fintiv, Fawry and dLocal.
How many companies has Rain acquired?Rain has acquired 3 companies, including Ansa, Guardrail.ai and Uptop.

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