Rain
Unicorn Β· $1.9BFounded 2021 Β· 181 employees on LinkedIn Β· 17 known investors
Rain builds stablecoin infrastructure for financial institutions and partners, providing payment cards accepted at millions of merchant locations, digital wallets, and global settlement rails. The company enables financial services providers to integrate blockchain-based payment capabilities while maintaining existing user experiences.
Also known as Nimbus LLC d/b/a Third National Β· Rain Payments Services, Inc. Β· Rain Products, Inc. Β· rain.xyz Β· Signify Holdings, Inc.
Founders & leadership
Investors Β· 17
Also in the syndicate Β· 2
Funding
SEC filings, press & company announcements$250M disclosed across 1 of 3 rounds Β· 2026
- $250MSeries CJan 2026 Β· 3 sources
ICONIQ (lead), Bessemer Venture Partners, Dragonfly, Endeavor Catalyst, FirstMark, Galaxy Ventures, Lightspeed, Norwest, Sapphire Ventures
Source β
Source: company announcements and press reports β follow each round's link for the claim.
Valuation Β· disclosed
Disclosed eventsSource: SEC prospectus filings, and round valuations the company or its investors disclosed β follow each entry's link for the claim.
Company profile
researched Aug 2026Rain, operated by Signify Holdings, Inc., is a stablecoin-powered card issuing and payments platform sold to enterprises, neobanks, fintech platforms, and developers. Through a single API it combines stablecoin wallets and digital dollar accounts, prepaid and credit card issuing, card-native rewards, fiat-to-stablecoin onramps and offramps, virtual accounts with static routing details, and fiat and stablecoin payments. Rain settles card transactions with the card networks daily onchain using stablecoins, which the company positions as improving capital efficiency and speeding the flow of funds.
The platform is designed so that end users interact with familiar products β conventional-looking cards and apps β while stablecoin rails run underneath. Stated use cases include global card programs, providing US dollar access in regions with limited banking, cross-border B2B payments, spendable remittances, embedded 'wallet-in-a-box' programs, premium USD cards for internationally based high-net-worth individuals, and scoped virtual cards and guardrails for agent-initiated payments via an Agent Control Layer. Compliance, risk, and program operations are built into the platform, and payment products are delivered in partnership with licensed institutions, with banking services provided by SSB, Member FDIC. Rain states that it is not a bank, exchange, or asset custodian.
Rain reports supporting programs across the US, LATAM, APAC, EU, and EMEA, with more than 100 live partners (over 200 organizations per its press materials) and billions in annual transaction volume. It is a Visa Principal Member and, as of 2026, a Mastercard Principal Member.
Founding story
Rain was founded in 2021 by Farooq Malik and Charles Yoo-Naut to modernize global payment infrastructure using stablecoins. Malik, CEO, previously worked in finance and international development. Yoo-Naut, CTO, previously founded PlaybookHR, which was acquired by Intuit, where he was a principal engineer and tech lead on the QuickBooks team; he holds a B.S. in Computer Science from Stanford University. [3]
Business model
Rain sells business-to-business payments infrastructure. Partner companies integrate Rain's unified API to launch their own branded card programs, wallets, ramps, and payment flows rather than assembling separate local issuers, processors, and vendors. Rain handles issuing, daily onchain settlement with card networks, compliance, risk, and program operations, and works with licensed institutions and processing partners in each jurisdiction. [0][2][3][4]
Traction
As of January 2026, Rain reported more than $3 billion in annualized transaction volume for over 200 partners, an active card base up 30x and annualized payment volume up 38x over the prior year, cards accepted at over 150 million merchants in more than 150 countries (175M+ merchant locations per its About page), reach to programs covering over 2.5 billion people, and support across 220 countries and territories. Its media kit cites 100+ live partners and billions in annual transaction volume. Western Union's Stablecard went live on Rain. [0][1][3][4][6][7]
Latest developments
In January 2026 Rain announced a $250 million Series C led by ICONIQ at a $1.95 billion valuation, bringing total funding to over $338 million, with proceeds directed at licensed-market expansion, deeper platform capabilities including strategic acquisitions, and new products. It subsequently became a Mastercard Principal Member, introduced a Rewards product and an Agent Control Layer, expanded its Visa membership into APAC, and on April 1, 2026 announced a long-term partnership with card processor Episode Six beginning with Asia-Pacific. Western Union's Stablecard went live on Rain. [0][3][4][6][7]
βΈFull profile β market position, technology, go-to-market, geography, history
Market position
Rain describes itself as a leading stablecoin-powered card issuer and payments platform, holding Visa and Mastercard Principal Member status and serving hundreds of partners. Its investor states the market is shifting from legacy payment networks to programmable digital-asset infrastructure, with Rain positioned on full-stack technology, regulatory readiness, and operating scale. [3][6][7]
Rain positions itself as stablecoin-native by design, as a single partner covering accounts, cards, and global money movement across regions instead of fragmented local integrations, and on daily onchain settlement with card networks. Principal Membership with both Visa and Mastercard enables direct issuing. [0][2][3]
Technology
Rain provides a unified API spanning wallets, card issuing, rewards, onramps/offramps, virtual accounts, and payments. The platform was built natively for stablecoin flows rather than adding crypto to legacy rails, and settles card transactions with card networks daily onchain in stablecoins. An Agent Control Layer makes the payments infrastructure agent-compatible, with scoped virtual cards and spend guardrails for autonomous agents. Card programs run across networks and geographies using processing partners such as Episode Six, whose API-first platform allows configuration of fees, FX rules, risk thresholds, and spend controls. [0][2][3][4]
Go-to-market
Rain goes to market as a single, full-stack partner for enterprises, neobanks, platforms, and developers seeking to launch stablecoin card and payment programs, supported by hands-on program design and launch support. Distribution is amplified by network memberships (Visa and Mastercard Principal Member status), processing partnerships such as Episode Six for APAC, and flagship partner launches including Western Union's Stablecard. [0][3][4][6]
Enterprises, neobanks and fintechs, crypto exchanges and DeFi apps, marketplaces, payroll and remittance providers, and developers building payment products; named partners include Western Union, Nuvei, and KAST. [0][3][6][7]
Geography
Offices in New York City, Washington, D.C., and Puerto Rico. Programs are supported across the US, LATAM, APAC, EU, and EMEA, with Series C proceeds earmarked for expansion in licensed markets across North America, South America, Europe, Asia, and Africa. Rain expanded its Visa membership into APAC and named Episode Six as its APAC processing partner. [3][4][6][7]
History
Founded in 2021, Rain launched stablecoin-backed corporate spend cards in 2022. In 2024 it became a Visa Principal Member, enabling direct issuing and daily onchain settlement, and launched an API-first issuing platform for branded card programs. During 2025 it expanded into a full-stack platform spanning onramps, wallets, cards, rewards, and global payments, closing a Series A and a Series B (the latter about four months before the Series C). In January 2026 it raised a $250 million Series C at a $1.95 billion valuation, became a Mastercard Principal Member, and launched the Agent Control Layer; in April 2026 it announced a processing partnership with Episode Six focused on Asia-Pacific. [3][4][6][7]
Compiled by commissioned research from 14 cited public sources β announcements, filings, and press listed under research sources below.
Key figures
latest reportedCompany-reported or press-reported figures, each dated to when it was claimed β not independently audited.
Competitors Β· 5
by search overlap
Companies competing with Rain for the same Google search keywords, organic and paid, via search-intersection analysis.
Timeline Β· 15
launches, deals, and filingsRain published an updated prohibitions list covering restricted jurisdictions for card issuance, card spending and US and Mexico virtual account programs, plus prohibited and enhanced-review business categories. The document identifies Rain as Signify Holdings, Inc. and subsidiaries including Nimbus LLC d/b/a Third National, Rain Payments Services, Inc. and Rain Products, Inc.
Episode Six will act as a key issuer processing partner for Rain's credit, debit, and prepaid card programs across networks and geographies, initially focused on Asia-Pacific, following Rain's expansion of its Visa membership into APAC.
Rain announced a $250 million Series C led by ICONIQ with participation from Sapphire Ventures, Dragonfly, Bessemer Venture Partners, Galaxy Ventures, FirstMark, Lightspeed, Norwest, and Endeavor Catalyst, valuing the company at $1.95 billion and bringing total funding above $338 million. Wachtell, Lipton, Rosen & Katz was legal advisor to Rain.
$250M source β
Rain announced a $250 million Series C led by ICONIQ with participation from Sapphire Ventures, Dragonfly, Bessemer Venture Partners, Galaxy Ventures, FirstMark, Lightspeed, Norwest and Endeavor Catalyst. The round valued the company at $1.95 billion and brought total funding above $338 million. Wachtell, Lipton, Rosen & Katz was legal advisor. Proceeds are for licensed-market expansion across North America, South America, Europe, Asia and Africa, platform depth including strategic acquisitions, and new products.
$250M source β
Card-native rewards program; Raindrops are loyalty rewards rather than cash, cryptocurrency, or a deposit account.
Makes Rain's payments infrastructure agent-compatible, including scoped virtual cards and spend guardrails for agents.
Principal Membership allows enterprises to launch stablecoin cards accepted everywhere Mastercard is accepted.
Company news item announcing that Rain is now a Mastercard Principal Member.
Rain announced the launch of the Agentic Payments Alliance (APA) to guide the future of agent-driven commerce.
Rain announced a card-native rewards product; Raindrops are described as loyalty rewards that are not cash, cryptocurrency or a deposit account.
Rain announced an Agent Control Layer supporting scoped virtual cards and guardrails for agent-initiated spending and money movement.
Visa Principal Membership enabled direct issuing and daily onchain settlement; Rain also launched an API-first issuing platform for branded card programs the same year.
Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.
In the news
State Grant Backs Rain Cloud Technology Testing At EB Lake | News | gpkmedia.comgpkmedia.com Β· Jul 2026Frequently asked questions
- What does Rain do?
- Rain is a stablecoin payments platform providing card issuing, wallets, and cross-border money movement to enterprises via one API.
- Who are Rain's investors?
- Rain's investors include 57Blocks Capital, Archetype, Coinbase Ventures, Dragonfly, FirstMark Capital, ICONIQ, Mirana Ventures, Mischief and 7 more.
- How much funding has Rain raised?
- Rain has disclosed $250M raised across 1 of its 3 known rounds.