Cryptocurrency card issuer Rain completes $58 million Series B funding, led by Sapphire Ventures

cryptocurrency card issuer Rain has completed a $58 million Series B funding round, led by Sapphire Ventures, with participation from Dragonfly, Galaxy Ventures, Endeavor Catalyst, Samsung Next, and Lightspeed. According to a source familiar with the matter, the annual credit card spending supporting Rain has exceeded $1 billion.

Rain has launched a Visa-supported debit card, allowing stablecoins to be easily spent at all locations that accept Visa. The company was founded in 2021 by CEO Farooq Malik and CTO Charles Yoo-Naut. Rain enables new banks and fintech companies (such as Nuvei) to offer stablecoin payment services. Previously reported, on March 24, Rain announced the completion of a $24.5 million funding round, led by Norwest Venture Partners, with participation from Galaxy Ventures, Goldcrest, Thayer, and Hard Yaka.