PANews reported on January 9th that, according to Bloomberg, stablecoin payment company Rain announced the completion of a new $250 million funding round, bringing its post-money valuation to $1.95 billion. This round was led by ICONIQ, with participation from Sapphire Ventures, Dragonfly, Bessemer, Lightspeed, and Galaxy Ventures. This brings Rain's total funding to over $338 million.

Farooq Malik, co-founder and CEO of Rain, stated that the funds will be used to expand its operations in North America, South America, Europe, Asia, and Africa, and to help the company adapt to the rapidly changing global regulatory environment. Rain currently issues stablecoin payment cards in over 150 countries through a partnership with Visa, allowing cardholders to make purchases at local merchants or withdraw cash from ATMs. The company also plans to integrate with payment systems such as the US ACH and the European SEPA through partner financial institutions. Malik mentioned that the company may pursue strategic acquisitions in the future, having already acquired rewards platform Uptop and currency conversion platform Fern in the past year.