Fintech Rain Raises $58 Million to Fuel Stablecoin Push on Visa Network
Rain, a stablecoin-backed card company, has raised $58 million in a Series B funding round, increasing total funding to $88.5 million. The funding, led by Sapphire Ventures with contributions from several other firms, will enhance Rain's platform for stablecoin infrastructure. Rain aims to make stablecoins usable anywhere Visa is accepted through its card programs, processing transactions in over 150 countries. The company reported a tenfold increase in transaction volume this year, partnering with firms like Nuvei and Avalanche for various payment solutions. Visa is expanding its involvement in the crypto space, having previously partnered with Bridge for stablecoin-linked debit cards in Latin America. Stablecoins, pegged to stable assets like the dollar, are gaining traction among banks and major companies for their potential to streamline payments. The GENIUS Act, signed into law by U.S. President Trump, establishes a framework for stablecoin issuance and trading in the U.S.
