Stablecoin Visa card platform Rain completed a US$58 million Series B financing, led by Sapphire Ventures

PANews reported on August 28 that according to The information, the stablecoin Visa card platform Rain completed a US$58 million Series B financing, led by Sapphire Ventures, and Dragonfly, Galaxy Ventures, Endeavor Catalyst, Samsung Next and Lightspeed participated. After this financing, Rain's valuation of $24.5 million has increased nearly six times. According to people familiar with the matter, Rain-backed bank cards has exceeded US$1 billion in annualized consumption. Founded in 2021 by CEO Farooq Malik and CTO Charles Yoo-Naut, Rain has launched Visa-enabled bank cards that enable stablecoins to be consumed in all places that accept Visa. Rain allows new banks and fintech companies to provide stablecoin payment services. Previously, in March, Rain completed a $24.5 million financing, led by Norwest Venture Partners.