Rain, a New York-based startup focused on payment infrastructure using stablecoins, has raised $250 million in a Series C round led by Iconiq, valuing the company at $1.95 billion—a 17-fold increase since last March. This latest funding follows rapid successive rounds: a $58 million Series B less than five months ago and a $24.5 million Series A ten months prior, bringing total funding to over $338 million. Rain enables businesses to issue cards and wallets linked to stablecoins, allowing customers to spend stablecoins like regular money at merchants accepting Visa. Its platform facilitates converting traditional currencies to stablecoins for vendor, employee, and customer payments, easing cross-border transactions. CEO Farooq Malik highlighted a 30x rise in active card users and a 38x surge in annualized payment volumes, amounting to over $3 billion in transactions annually for clients such as Western Union and Nuvei. The fresh capital will support Rain’s expansion into new markets and growth in enterprise clientele. Iconiq underscores the shift from traditional payment systems toward programmable digital asset infrastructure, emphasizing Rain’s potential to become the leading platform in this evolving space.