Crypto card issuer Rain completes $58 million Series B funding round, led by Sapphire Ventures

According to Odaily Planet Daily, crypto card issuer Rain announced the completion of a $58 million Series B funding round led by Sapphire Ventures, with participation from Dragonfly, Galaxy Ventures, Endeavor Catalyst, Samsung Next, and Lightspeed. Annual spending on Rain-supported credit cards has reportedly exceeded $1 billion.

Rain was founded in 2021 by CEO Farooq Malik and CTO Charles Yoo-Naut. Its Visa card allows users to spend stablecoins directly wherever Visa is accepted, and it also provides stablecoin payment solutions for emerging banks and fintech companies like Nuvei. In March, Rain raised $24.5 million in funding, led by Norwest Venture Partners. (theinformation)