Rain, a U.S.-based infrastructure provider for stablecoins, has recently secured $250 million in funding to bolster its international operations. With this investment led by Iconiq, the total valuation of Rain is now placed at $1.95 billion.

This Series C funding follows a robust year for Rain, where its active cardholder numbers skyrocketed by 30 times, as reported by co-founder and CEO, Farooq Malik. “Stablecoins are quickly becoming the dominant way money flows in the modern age, yet for broader acceptance, functional cards and applications are essential,” he remarked.

Established as a major player in the Visa network, Rain is looking to extend its reach into key markets across the Americas, Europe, Asia, and Africa, leveraging these new funds for strategic growth opportunities.

Key highlights include:

• Rain launched from a foundation of impressive cardholder growth and increased transaction volumes.
• It supports essential stablecoins like USDT and USDC and multiple blockchain networks including Ethereum and Solana.
• Additional investors such as Bessemer Venture Partners and FirstMark participated in this funding round.

This investment not only enhances Rain’s operational capacity but sets the stage for its upcoming expansion plans.