- Companies
- Rain
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
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
Website
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
| Date | Stage | Valuation |
|---|---|---|
| Jan 2026 | Series C | $1.9B |
| Mar 2025 | Series 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
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jan 2026 | Series C | ICONIQ Capital (lead); Galaxy Ventures; Dragonfly; FirstMark; Norwest; Bessemer Venture Partners; Lightspeed Venture Partners; Endeavor Catalyst; Sapphire Ventures | $250M | $1.9B | Rain 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 2025 | Series B | Sapphire Ventures (lead); Samsung NEXT; Dragonfly; Norwest; Lightspeed Venture Partners; Endeavor Catalyst; Galaxy Ventures | $58M | - | - |
| Mar 2025 | Series A | Norwest (lead); Thayer Ventures; Derive Ventures; Hard Yaka; Goldcrest Capital; Galaxy Ventures | $25M | $1.9B | Rain 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
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Lead | Mar 2025 | ||
| 2 | Participant | Aug 2025 | ||
| 2 | Participant | Aug 2025 | ||
| 2 | Participant | Aug 2025 | ||
| 2 | Lead | Aug 2025 | ||
| 2 | Participant | Mar 2025 | ||
| 1 | Participant | Mar 2025 | ||
| 1 | Lead | Jan 2026 | ||
| -- | 1 | Participant | Jan 2026 | |
| 1 | Participant | Aug 2025 | ||
| 1 | Participant | Jan 2026 | ||
| 1 | Participant | Mar 2025 | ||
| 1 | Participant | Mar 2025 | ||
This data is available for Pro users. Sign up to see all 15 Rain investors. Start Free Trial | ||||
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Start Free TrialAcquisitions 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
| 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 Country | |||
| HQ City | San Francisco, CA | San Francisco, CA | New York City, NY |
| Deal Date | 12 Aug 2026 | 16 Jun 2026 | 12 Nov 2025 |
| Valuation | undisclosed | undisclosed | undisclosed |
| EV/Revenue | |||
| EV/EBITDA | |||
This data is available for Pro users. Sign up to see all Rain acquisitions and their M&A valuation multiples. Start Free Trial | |||
Rain Competitors
Rain competitors include listed companies like Block, StoneCo, Fawry and dLocal, and private ones like RedotPay and Fintiv.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $24B | $2.2B | $46B | 1.6x | ||
| Private | $150M | - | $2B | 13.3x | ||
| Publicly listed | $2.6B | $965M | $2.2B | 1.2x | ||
| Private | - | - | $2.4B | - | ||
| Publicly listed | $166M | $73M | $1.2B | 5.2x | ||
| Publicly listed | $1.1B | $229M | $4.2B | 2.3x |
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 FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $444M | ($27M) | 5.1x | 4.5x | (85.4x) | 26.5x | |||
| $28M | ($734M) | 61.9x | 39.9x | (2.4x) | 141.1x | |||
| $623M | $45M | 3.0x | 2.6x | 41.8x | 11.9x | |||
| $932M | $330M | 3.0x | 2.7x | 8.6x | 6.8x | |||
| $250M | $14M | 8.0x | 6.4x | 145.8x | 32.6x | |||
| $2.6B | $965M | 1.3x | 1.2x | 3.6x | 2.2x | |||
| $625M | $14M | 1.5x | 1.4x | 69.6x | 7.1x | |||
| $827M | $218M | 1.8x | 1.6x | 6.7x | 12.8x | |||
This data is available for Pro users. Sign up to see all Rain competitors and their valuation data. Start Free Trial | ||||||||
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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