Cryptocurrency Card Issuer Rain Completes $58 Million Series B Funding Round, Led by Sapphire Ventures

BlockBeats News, August 28th: Cryptocurrency debit 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 another source familiar with the matter, the annualized consumption volume supported by Rain's debit cards has exceeded $1 billion.

Rain has launched Visa-supported debit cards, enabling stablecoins to be spent wherever Visa is accepted. The company was founded in 2021 by CEO Farooq Malik and CTO Charles Yoo-Naut. Rain allows neobanks and fintech firms (such as Nuvei) to offer stablecoin payment services.

Previously, on March 24th, Rain announced a $24.5 million funding round, led by Norwest Venture Partners, with participation from Galaxy Ventures, Goldcrest, Thayer, and Hard Yaka.