Crypto Visa Card Firm Rain Raises $24.5M To Expand Stablecoin Card Issuance

Rain, a company that provides debit and credit cards enabling stablecoin payments, has raised $24.5 million in a funding round led by Norwest Venture Partners. The announcement came on Monday, with additional contributions from Galaxy Ventures, Goldcrest, Thayer, and Hard Yaka.

Excited to announce $24.5M in new funding for Rain led by @NorwestVP with participation from new investors @Galaxyhq, @CompoSecure, Goldcrest, Vinyl, @BDMIFund, @LatitudeCapital, Thayer and @_hardyaka, and existing investors @lightspeedvp, @cbventures, and @CanonicalCrypto.… pic.twitter.com/q7QjkKAaXa

— Rain (@raincards) March 24, 2025

With this funding, Rain can issue debit and credit cards in collaboration with Visa, a global payment giant known for facilitating digital transactions. These cards allow businesses and individuals to conduct transactions using stablecoins and other cryptocurrencies.

Expanding Stablecoin Access for Global Transactions

Speaking to Fortune, Rain’s co-founder and CEO, Farooq Malik, emphasized the importance of U.S. dollar-based payments for international businesses. He explained that the company’s goal is to enhance access to stablecoins, digital assets pegged to the dollar. Rain currently collaborates with companies in the United States and Latin America to support this mission to issue these cards and has plans for further global expansion.

The expansion aligns with the growing need for seamless cross-border transactions, particularly for businesses with international teams. Malik highlighted that stablecoins and Rain’s infrastructure facilitate digital dollar services, making transactions more efficient for users worldwide.

Reinforcing Malik’s perspective, Rain noted in its announcement that stablecoin usage is on the rise, making them useful for several financial purposes.

“As stablecoin adoption continues to grow — powering diverse use cases such as cross-border payments, remittances, and dollar-based savings — so too does the demand for frictionless spending of stablecoins in everyday transactions,” the firm stated.

This increasing demand has also fueled Rain’s rapid expansion. Notably, the company reported a 15-fold increase in revenue over the past year and now processes payments in over 100 countries.

Stablecoin Adoption and Market Growth

With stablecoin transfers surpassing the combined transaction volume of Visa and Mastercard last year, efforts to simplify crypto payments for daily purchases are gaining momentum. Meanwhile, the total market capitalization of stablecoins has exceeded $232 billion, reflecting increased adoption and regulatory developments in the U.S.

Data from DefiLlama shows the stablecoin market cap is approximately $232.38 billion, having expanded by $3.24 billion in the past week. The sector has grown by more than 56% compared to a year ago.