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The Stablecoin credit card company Rain raised 58 million dollars from Samsung and Sapphire.
Rain, a fintech company in San Francisco specializing in the issuance of Visa cards based on stablecoin, just raised 58 million USD in a Series B round, bringing its total funding to 88.5 million USD just 5 months after raising Series A. This round saw participation from Samsung Next, Sapphire Ventures, Dragonfly, Galaxy Ventures, Lightspeed, Norwest, and Endeavor Catalyst.
Rain builds infrastructure to help fintech, banks, and exchanges issue cards, wallets, and payment programs using stablecoin. From January 2025, transaction volume has increased tenfold, processing millions of transactions in over 150 countries. The company is also a direct member of Visa, allowing for complete payment and reconciliation using stablecoin on the global network.
According to CEO Farooq Malik, stablecoins are becoming the "backbone of global commerce." However, Rain faces competition as MetaMask announces plans to launch the MetaMask Card for stablecoin payments by the end of this year.