Rain Raises $24.5 Million to Expand On-Chain Payments with Visa
Date: 2025-03-25 Author: Gabriel Deangelo Categories: BUSINESS
Rain, the developer of on-chain Visa cards, has announced the completion of a funding round that raised $24.5 million. The investment was led by Norwest Venture Partners, with Galaxy, CompoSecure, Goldcrest, Vinyl, BDMIFund, LatitudeCapital, Thayer, and Hard Yaka among the participants.
The company’s statement emphasized that the growing popularity of stablecoins is contributing to an increase in the number of areas of their application. This applies to cross-border transfers, dollar savings, and payments in everyday life. Rain aims to simplify the use of stablecoins in everyday consumer scenarios, making digital assets more accessible.
According to the company, Rain’s revenue has increased 15 times over the past year. In addition, their payment cards are accepted in over 100 countries, indicating the global scale of their operations.
While the exact uses of the new capital were not disclosed, it is clear that the funds will be used to further expand their products and infrastructure. Particular attention is paid to Latin America, where the company is already showing impressive numbers: according to Rain's report, the customer base in the region exceeds 600 million people. Between July 2023 and June 2024, approximately $415 billion in cryptocurrency transactions were processed through the region, which is approximately 9.1% of all global crypto activity.
Rain is actively developing its solutions in partnership with other technology platforms. For example, in October 2024, the company jointly launched an on-chain payment card with Avalanche, aimed at further integrating cryptocurrencies into everyday finance.
Earlier, ForkLog published a detailed review of cards that allow payments with digital assets, noting the growing interest of users in such solutions against the backdrop of the rapidly developing Web3 infrastructure.
