Stablecoin payment company Rain raises $250 million at a $1.95 billion valuation, led by ICONIQ

Techub News, according to Bloomberg, stablecoin payment company Rain announced the completion of a new $250 million funding round, with a post-money valuation reaching $1.95 billion. This round was led by ICONIQ, with participation from Sapphire Ventures, Dragonfly, Bessemer, Lightspeed, Galaxy Ventures, and others. Following this round, Rain's total funding has exceeded $338 million.

Rain co-founder and CEO Farooq Malik stated that the funds will be used to expand into markets in North America, South America, Europe, Asia, and Africa, and to navigate the rapidly changing global regulatory environment. The company currently partners with Visa to issue stablecoin payment cards in over 150 countries and plans to connect to payment systems such as the US ACH and Europe's SEPA through cooperative financial institutions.