PANews reported on August 28th that the stablecoin Visa card platform 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. This funding represents a nearly sixfold increase in Rain's valuation of $24.5 million. Sources familiar with the matter revealed that the annualized spending on Rain-supported bank cards has exceeded $1 billion.

Founded in 2021 by CEO Farooq Malik and CTO Charles Yoo-Naut, Rain launched a Visa-enabled bank card, enabling stablecoins to be spent anywhere Visa is accepted. Rain allows emerging banks and fintech companies to offer stablecoin payment services. Earlier in March , Rain secured $24.5 million in funding, led by Norwest Venture Partners.