Quick take:
- Rain leverages its partnership with Visa to issue debit and credit cards that can be used to make purchases and payments using stablecoins and other cryptocurrencies.
- The company plans to expand customer access to stablecoins enabling it to provide digital dollar services to people globally.
- The announcement follows Rain’s partnership with Avalanche to launch a Visa card that allows people to make payments using the AVAX token and stablecoins.
Rain has raised $24.5 million in a funding round led by Norwest Venture Partners. The fundraising also attracted participation from Galaxy Ventures, Goldcrest, Thayer, and Hard Yaka, co-founder and CEO Farooq Malik told Fortune.
The fundraising follows a $6 million funding round announced in 2022, which was part of the company’s strategy to introduce corporate credit cards for DAOs (decentralised autonomous organisations).
Rain leverages its partnership with Visa to issue debit and credit cards that can be used to make purchases and payments using stablecoins and other cryptocurrencies. The announcement follows the company’s recent partnership with Avalanche to launch a Visa card that allows people to make payments using the AVAX token and stablecoins.
The blockchain-based card issuer plans to use the fresh capital to expand customer access to stablecoins enabling it to provide digital dollar services to people globally by expanding its team, developing new technologies, and applying for additional regulatory licenses.
Commenting on the announcement, Malik said: “A lot of companies now have a global workforce and lots of people have been getting paid in dollars across borders for the last decade or so. Stablecoins allow us, and our infrastructure allows us, to actually provide digital dollar services to people globally.”
As part of its partnership with Visa, Rain receives a percentage of the fee that Visa charges merchants to accept payments using a Visa card. Corporate customers can also leverage the crypto card issuer’s platform for their card programs if they pay a subscription fee.
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