Last Rain valuation
$500M
Series B · Jan 2022
Last Rain funding round
$110M
Series B · Jan 2022
Cumulative funding Rain raised
$223M
across 6 funding rounds
Key investors in Rain
Vision Ventures
CMT Digital
Huat Ventures
500 Global
Coinbase Ventures
Middle East Venture Partners (MEVP)
About Rain
Rain is a first cryptocurrency exchange licensed in the Middle East founded in 2017 and headquartered in Manama Bahrain. Operates as a regulated digital currency exchange and custodian serving retail and institutional clients across the Gulf region. Provides fiat-to-crypto on-ramps for regional currencies and compliant trading infrastructure.
Founded
2017
HQ
ManamaWebsite
Status
Privately held
Customer focus
B2C & B2B
Revenue model
Commission
Valuation
$500M (Jan 2022)
Rain Valuation
Rain is currently valued at $500M, based on its Series B in January 2022.
The $110M round was led by Kleiner Perkins and Paradigm, with participation from Jameel Investment Management Company, A'Z Angels, Coinbase Ventures, Global Founders Capital, Cadenza Ventures and 2 other investors.
Rain valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Jan 2022 | Series B | $500M |
Rain Funding History
Rain has raised a total of $223M across 6 funding rounds.
Rain's first fundraising round was a $3M seed round in January 2019. The most recent completed round was a $110M Series B in January 2022.
Rain funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jan 2022 | Series B | Kleiner Perkins (lead); Paradigm (lead); Jameel Investment Management Company; A'Z Angels; Coinbase Ventures; Global Founders Capital; Cadenza Ventures; CMT Digital; Middle East Venture Partners (MEVP) | $110M | $500M | Rain, a Bahrain-based cryptocurrency exchange founded in 2017 by Abdullah Almoaiqel, AJ Nelson, Joseph Dallago, and Yehia Badawy, operates as one of the region's first licensed crypto brokerage and custodians, enabling users to buy, sell, and store cryptocurrencies. It holds subsidiaries in Bahrain, Turkey, and the UAE, and became the first licensed crypto-asset service provider in the Middle East in 2019 by the Central Bank of Bahrain. By January 2022, Rain had facilitated over $1.9 billion in transactions and served more than 185,000 active users with over 400 employees. On January 18, 2022, Rain raised $110 million in its Series B funding round co-led by Kleiner Perkins and Paradigm, with participation from A'Z Angels (noted as JIMCO in some reports), Cadenza Ventures, CMT Digital, Coinbase Ventures, Global Founders Capital, and Middle East Venture Partners (MEVP). The round valued the company at $500 million post-money. Funds were earmarked for regulatory engagement in MENA, Turkey, and Pakistan, cryptocurrency education, market expansion, trading technology improvements, and team growth to double size by end of 2022. This followed a $6 million Series A in January 2021 led by MEVP with Coinbase Ventures. Rain positioned itself to advance crypto adoption for an open financial system, backed by top global investors. Later rounds included a Series C in 2023 at $1.95 billion valuation led by ICONIQ, reflecting pivot toward enterprise stablecoin payments infrastructure, but metrics like transaction volume and users were not classified as revenue. |
| Nov 2021 | Undisclosed stage | - | $75M | - | - |
| Aug 2021 | Series A | Vision Ventures | $25M | - | The company, headquartered in New York or Los Angeles, enables enterprises to issue stablecoin cards accepted wherever Visa is used, supporting over 200 partners like Western Union, Nuvei, and KAST, with claims of facilitating over $3 billion in annualized transactions or payment volume, 30x growth in active card base, and 38x growth in annualized payment volume in the year prior to Series C. Funds from later rounds support global expansion across five continents, new products, and acquisitions like Uptop and Fern in 2025. |
| Dec 2020 | Series A | Middle East Venture Partners (MEVP) (lead); Coinbase Ventures; Abdul Latif Jameel; Vision Ventures; Dubai International Financial Centre (DIFC); Huat Ventures; CMT Digital | $9M | - | - |
| Apr 2020 | Seed | Vision Ventures; Taibah Valley; Cadenza Ventures; Huat Ventures; 500 Global | $800K | - | - |
| Jan 2019 | Seed | Palm Ventures; Vision Ventures; Dennis Porto; Huat Ventures; CMT Digital; Musaab Hakami; Storm Global; 500 Global | $3M | - | Rain is an enterprise-grade infrastructure platform for stablecoin-powered payments. The company secured a seed funding round in early 2019 led by 500 Startups, with participation from venture investors Vision Ventures and Blockwater, corporate investors including BitMEX, CMT Digital, and Compound.finance, and high-net-worth individuals. Rain recently obtained its Crypto-Asset Module license from the Central Bank of Bahrain at the time of the seed round and planned to utilize the funding to improve its platform. The company has since grown substantially, raising over $338 million across multiple subsequent funding rounds, with its Series C in January 2026 valuing the company at $1.95 billion. |
Who has invested in Rain?
19 investors have backed Rain across its funding rounds, including Vision Ventures, CMT Digital, Huat Ventures, 500 Global, Coinbase Ventures and Middle East Venture Partners (MEVP).
Lead investors include Kleiner Perkins, Paradigm and Middle East Venture Partners (MEVP).
Rain Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 Dammam | 4 | Participant | Jan 2019 | |
 Boston, MA | 3 | Participant | Jan 2019 | |
| Chicago, IL | 3 | Participant | Jan 2019 | |
| San Francisco, CA | 2 | Participant | Dec 2020 | |
| San Francisco, CA | 2 | Participant | Apr 2020 | |
 Dubai | 2 | Lead | Dec 2020 | |
| San Francisco, CA | 2 | Participant | Jan 2019 | |
 St. Helier | 1 | Participant | Jan 2022 | |
| United States | 1 | Participant | Jan 2019 | |
| San Francisco, CA | 1 | Lead | Jan 2022 | |
| San Francisco, CA | 1 | Participant | Jan 2022 | |
| Jeddah | 1 | Participant | Dec 2020 | |
| Dubai | 1 | Participant | Dec 2020 | |
This data is available for Pro users. Sign up to see all 19 Rain investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Rain
Rain has acquired 1 company to date.
Last acquisition by Rain was on April 26th 2026. Rain acquired Digital Ma'arefa for undisclosed valuation.
Latest Acquisitions by Rain
| Description | Digital Ma'arefa is a financial media company producing The Finance Memo, Crypto Memo, AI Memo, and a wider news network. |
| HQ Country | - |
| HQ City | - |
| Deal Date | 26 Apr 2026 |
| Valuation | 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 Rhino Bitcoin and Indokripto Koin Semesta, and private ones like Animoca Brands KK, Bitwise, C2x and Chain Reaction.
| Company | HQ | Status | Revenue | EBITDA | Valuation |
|---|---|---|---|---|---|
 Fukuoka | Private | - | - | $500M | |
| San Francisco, CA | Private | - | - | $500M | |
| Los Angeles, CA | Private | - | - | $500M | |
 Yokneam Illit | Private | - | - | $500M | |
| United States | Publicly listed | $478K | ($417K) | $594M | |
 Indonesia | Publicly listed | $16M | $7M | $609M |
Rain Public Comps
Rain is still privately-owned, but its public comps include Stewards, Rhino Bitcoin, Indokripto Koin Semesta, Coincheck Group, Bakkt, Chaince Digital, ProCap Financial, Capital B, Wewards and BitGo Holdings.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| - | - | - | - | - | - | |||
| $478K | ($417K) | 1242.8x | - | (1423.4x) | - | |||
| $16M | $7M | 36.9x | - | 81.1x | - | |||
| $3.1B | $354K | 0.2x | 0.2x | 1312.3x | (189.0x) | |||
| $2.3B | ($98M) | 0.1x | 0.2x | (2.9x) | (27.3x) | |||
| $2M | ($3M) | 148.5x | - | (97.3x) | - | |||
| - | - | - | - | - | - | |||
| $13M | ($5M) | 6.6x | 6.6x | (15.9x) | (15.7x) | |||
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 2017. |
| Where is Rain headquartered? | Rain is headquartered in Manama, Bahrain. |
| Is Rain publicly listed? | No, Rain is a private, VC-backed company. |
| What is Rain's valuation? | Rain was last valued at $500M in its Series B in January 2022. |
| How much funding has Rain raised? | Rain has raised $223M across 6 funding rounds. |
| What was Rain's last funding round? | Rain's last funding round was a $110M Series B in January 2022, led by Kleiner Perkins and Paradigm. |
| Who are Rain's investors? | Rain's investors include Vision Ventures, Huat Ventures, CMT Digital, Coinbase Ventures, Cadenza Ventures, Middle East Venture Partners (MEVP), 500 Global, Jameel Investment Management Company, Palm Ventures, Kleiner Perkins and 9 others. |
| Which companies are comparable to Rain? | Companies comparable to Rain include Animoca Brands KK, Bitwise, C2x, Chain Reaction, Rhino Bitcoin and Indokripto Koin Semesta. |
| How many companies has Rain acquired? | Rain has acquired 1 company, including Digital Ma'arefa. |
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