Stablecoin payment infrastructure 'Rain' raises $250 million in funding... company valuation increases 17-fold↑

American startup Rain, which is developing stablecoin payment infrastructure, raised $250 million in Series C funding, increasing its valuation to $1.95 billion (approximately 2.81 trillion KRW). This valuation has surged 17 times compared to just 10 months ago when it announced Series A funding. The round was led by global investment firm Iconiq, with major investors including Sapphire Ventures, Dragonfly, Bessemer Venture Partners, Galaxy Ventures, FirstMark, Lightspeed, Northwest, and Endeavor Catalyst.

Rain is a fintech company founded in 2021, dedicated to developing payment infrastructure that connects with cards and digital wallets, enabling stablecoins to be used like real currency. It links blockchain assets with traditional payment networks, helping businesses process cross-border remittances or transactions more quickly and stably. For example, Rain’s system provides intermediary functions that allow stablecoins to be used like regular currency at Visa’s merchant partners.

Co-founder and CEO Farooq Malik stated, “Over the past year, the number of active cards issued has increased 30-fold, and annual payment volume has grown 38 times. Currently, the annual transaction volume operated on the Rain system has reached $3 billion (approximately 4.32 trillion KRW), and the number of client companies using the service has exceeded 200, including Western Union, Nubii, KAST, and others.” He further added that they will use this round of funding to “expand into more global markets and grow our large client base.”

Kamran Zaki, partner at Iconiq, commented, “We are paying close attention to the shift of focus from traditional payment networks to digital asset infrastructure. Through programmable digital currency technology, Rain is very likely to become the default infrastructure for enterprises in the future.”

Five months ago, Rain raised $58 million in Series B, and earlier, it raised $24.5 million in Series A. As of this Series C round, its total funding has exceeded $338 million (approximately 487 billion KRW). The ability to successfully complete multiple funding rounds in a short period reflects high market recognition of its practical application-focused technology and broad market prospects.

Meanwhile, in 2025, the total venture capital funding for fintech startups worldwide reached $51.9 billion (approximately 74.7 trillion KRW), a 26.9% increase compared to 2024. Although the number of deals decreased, analysts believe that large-scale financing transactions, as independent variables, have driven the overall capital inflow. Growth in stablecoins, AI-based financial services, and infrastructure fintech is leading this upward trend.