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About Rain
Rain (raincards.xyz) is a crypto card issuer and stablecoin payment platform. Its core business: it lets businesses and individuals spend stablecoins (like USDC or USDT) through Visa/Mastercard cards, while the actual settlement happens on-chain in stablecoins. Merchants never see crypto—they receive normal card payments. The pain point it solves: stablecoins are hard to spend in daily life; users have to cash out to fiat first, which is slow and costly. Rain removes that friction, making stablecoins usable anywhere cards are accepted.
Its narrative is "invisible stablecoin rails": users get familiar card payments, while the backend uses stablecoins for instant, low-cost settlement. This matters for crypto-native companies, neobanks, and remittance services that want to avoid traditional banking delays.
In the past six months (2026-03-07 to 2026-09-07), Rain expanded Mastercard support (previously Visa-only), launched new card programs in Asia-Pacific, and reported a 10x transaction volume increase. It now covers over 100,000 merchants and operates in 150+ countries.
Negative news: In August 2026, a vulnerability in an outdated Rain smart contract on Solana led to ~$1.1M in stolen funds from collateral accounts of several card programs (e.g., Avici and Tria). Rain said affected projects were upgraded and users would be compensated, but the incident raised questions about audit quality and monitoring of legacy contracts.
Rain accelerated growth via strategic financings and acquisition. After $24.5 million led by Norwest Venture Partners, it closed $58 million Series B led by Sapphire Ventures. It then raised $250 million at $1.95 billion valuation led by ICONIQ, and acquired Ansa to strengthen merchant wallet infrastructure for stablecoin payments.
Rain, a stablecoin payments platform and card issuer, has made significant strides in the past six months. In March 2026, Rain became a Visa Principal Member and expanded into Asia-Pacific, enabling partners to launch card programs across the region. In May, Rain added Mastercard as a second network, offering both credit and prepaid cards for institutional clients. In June, Rain launched Rewards, a native loyalty solution integrated into its card issuing stack, following a beta with Avalanche Card that showed a 25% lift in spend. Looking ahead, Rain is focusing on agentic payments, including 'scoped cards' for AI agents, and plans to expand its stablecoin settlement infrastructure across more markets and chains.
Co-founders: Charles Naut (Co-founder & CTO): Former Principal Software Engineer at Intuit, founded Playbook HR (acquired by Intuit), and was a PM at Microsoft Bing. Studied Computer Science at Stanford.
Farooq Malik (Co-founder & CEO): Previously held product leadership roles at Blockchain.com and Merrill Lynch, and was a software engineer at Salesforce. Studied EECS at UC Berkeley.
Core executives: Sean Clark (Director of Partnerships): Former VP of Digital Partnerships at Mastercard, with 15 years of experience in the payments industry.
Connor Dempsey (Director of Content): Previously a Ventures Associate and Head of Marketing at Coinbase, with 14 years of industry experience.
Rain has recently expanded its team with five key hires between March and June 2026: Nick Pinto (Head of GTM) and Jerry Li (Account Management, GTM) joined in March; Connor Dempsey (Director of Content) and Sophia Goldberg (Head of Payments) joined in May; Jack Dillé (Staff Product Designer) joined in June. No departures were reported. These additions strengthen Rain's content, design, payments, and go-to-market capabilities.