Crypto card issuer Rain completes US$58 million Series B financing, led by Sapphire Ventures

According to BlockBeats, on August 28, crypto card issuer Rain completed a $58 million Series B financing, led by Sapphire Ventures, and Dragonfly, Galaxy Ventures, Endeavor Catalyst, Samsung Next and Lightspeed participated. According to a person familiar with the matter, the annual spending of Rain’s credit cards has exceeded $1 billion. Rain launches Visa-enabled bank cards, allowing stablecoins to be easily consumed in all places that accept Visa. The company was founded in 2021 by CEO Farooq Malik and CTO Charles Yoo-Naut. Rain allows new banks and fintech companies such as Nuvei to provide stablecoin payment services. Previously, on March 24, Rain announced a $24.5 million financing round led by Norwest Venture Partners, and Galaxy Ventures, Goldcrest, Thayer and Hard Yaka participated.