Rain, a startup focused on Visa Debit and credit card issuance that promotes the use of Stablecoins, has raised $24.5 million in its recent funding round. The investment was led by Norwest Venture Partners with additional contributions from notable investors such as Galaxy Digital, Coinbase Ventures and Composecure.
The company aims to simplify stubcoin spending to meet the growing demand for seamless trading in everyday purchases. The Rain announcement highlights an increase in adoption of Stablecoins, which is used for a variety of purposes, including remittances, cross-border payments, and dollar-based savings.
The company has reported a significant revenue growth of 15 times over the past year, claiming it will process payments in more than 100 countries.
The surge in Stablecoin usage is consistent with a wider trend among web3 companies striving to enhance the usability of their digital assets. Recent data shows that Stablecoin transfers exceeded the total volume of Visa and MasterCard transactions from major credit card companies last year.
In relation to this funding round, Rain highlighted its commitment to global expansion, leveraging Visa’s key membership and its own blockchain infrastructure to facilitate the issuance of Stablecoin-enabled cards. The company aims to provide consumers with faster and more efficient payment solutions.
This fund comes amid a wave of investments in the crypto payments sector. At the beginning of March, encryption platform RedotPay secured $40 million, while Mesh raised $82 million to improve transactions, including crypto assets and merchants.