Visa-powered, stablecoin firm Rain raises $58 million from Samsung and Sapphire

Rain, a startup that issues Visa debit and credit cards, said Thursday it had raised $58 million in a Series B funding round led by Sapphire Ventures.

Samsung’s venture arm (Samsung Next), Dragonfly, Galaxy Ventures, Endeavor Catalyst, Lightspeed, and Norwest also participated, according to the statement. This follows Rain raising $24.5 million in March. To date, the firm said it has raised $88.5 million.

The company, which says it provides “enterprise-grade infrastructure for stablecoin-powered payments,” is aiming to service fintechs, banks, and marketplaces that wish to issue “stablecoin-powered cards, wallets, and payment programs.”

“Enterprise interest in stablecoins has surged following the GENIUS Act in the U.S. and the MiCA framework in Europe, which have created a clear regulatory path for adoption,” Rain said Thursday.

Stablecoins are, in many people’s eyes, poised to be one of crypto’s largest growth areas, with some valuing the market as reaching trillions of dollars in a few years. Big U.S. banks like Bank of America have said they are interested in issuing their own stablecoins now that, under President Trump, regulatory clarity around the USD-pegged tokens has been established.

Currently, Tether’s USDT is the largest stablecoin by supply, with more than $167 billion in circulation. Ranked second is USDC, issued by U.S.-based Circle.

Stablecoins and payments

Using stablecoins for payments is where Rain is hoping to assert itself.

“Stablecoins have scaled to hundreds of billions in circulation, but until now, they couldn’t be easily spent. Rain is working to fix that by connecting stablecoins to Visa’s global network, turning them into money you can actually use for everyday commerce,” said Jai Das, who is both president and partner at Sapphire Ventures and a member of Rain’s board of directors.

Rain said its credit and debit cards are accepted anywhere Visa is and that its transaction volume has increased 10x since January.

Popular crypto wallet MetaMask recently attempted to create a foothold among stablecoin issuers that also offer general payment solutions. Earlier this month, MetaMask said it planned to enable spending via the MetaMask Card at Mastercard-accepting merchants by year-end.