Rain, a global card issuing platform powered by stablecoins, has raised$24.5 million in a funding round led by Norwest Venture Partners.

Other investors include Galaxy Ventures, Goldcrest, Thayer, Hard Yaka, and existing backers such as Lightspeed Venture Partners and Coinbase Ventures.

The investment will help Rain enhance interoperability with traditional financial systems, expand internationally, and advance its stablecoin-based settlement infrastructure.

The company has grown significantly, reporting a 15-fold increase in transactions across more than 100 countries over the past year.

Rain has also secured principal membership with Visa, enabling it to issue cards in Europe, the US, and Latin America. Its platform allows businesses to create physical and virtual cards linked to both crypto wallets and fiat accounts. It also supports stablecoin settlements across multiple blockchain networks.

Norwest Venture Partners emphasised Rain's role in bridging compliance with digital currencies, underscoring the growing interest in integrating stablecoins into mainstream financial services.

The latest funding positions Rain as a key player in the evolution of digital payments.