This funding announcement underscores the growing demand for seamless stablecoin transactions, driven by increasing adoption and diverse use cases such as remittances and cross-border payments.

The funding round also saw participation from notable investors including Galaxy Digital, Coinbase Ventures, and Lightspeed, indicating strong industry support.

Rain supports native settlement on multiple blockchain networks, including Base, Polygon, and Solana, further enhancing its operational capabilities.

As a principal member of Visa, Rain can leverage Visa's extensive network for issuing stablecoin-based cards.

Rain, a New York-based issuer of global cards backed by stablecoins, has successfully raised $24.5 million in a funding round led by Norwest Venture Partners.

Rain's infrastructure allows for stablecoin interoperability, enabling users to transact without needing to convert crypto to fiat currency.

Founded in 2021 by Farooq Malik and Charles Naut, Rain has reported a remarkable 15x revenue growth within the past year, processing payments in over 100 countries.

The rise of stablecoin transactions has surpassed the combined transaction volumes of traditional payment giants like Visa and Mastercard, indicating a significant shift in payment dynamics.

Malik, CEO of Rain, stated that the funding will enhance interoperability, expand operations, and improve their stablecoin authorization and settlement infrastructure.

Rain aims to facilitate the spending of stablecoins with minimal friction for consumers, positioning itself as a leader in the evolving payments landscape.

The company's vision is to create a global payments platform that competes with existing financial services for both businesses and consumers.

The new funding will support Rain's partnership with Visa, enhancing their card issuance capabilities in Europe and expanding their reach in the U.S. and Latin America.