What Rain does

Rain is a New York-based fintech founded in 2021 (legally Signify Holdings, Inc.) that builds stablecoin-powered payment infrastructure connecting onchain stablecoin balances to the global Visa and Mastercard networks. As both a Visa Principal Member and a Mastercard Principal Member, Rain issues cards accepted at 150M+ merchant locations across 150+ countries and settles card transactions with the networks daily using stablecoins — including weekends and holidays — eliminating the multi-day float of traditional fiat programs. The platform is exposed via a single unified API that combines wallets, virtual accounts, card issuing, rewards, onramps, offramps, payments, and an Agent Control Layer for programmable agentic spending, with licensing across dozens of jurisdictions and SOC 2, PCI DSS, Sherlock smart-contract audits, and an FDIC-insured banking partnership with SSB.

The company serves over 200 partners across 100+ live card programs, with named enterprise customers including Western Union, Nuvei, KAST, ether.fi, Coverd, Veem, Slash Financial, Lydian, OneDosh, Zar, and Avalanche Card, plus corporate-card SMBs via the self-serve Rain Spend product (Starter at $0/month, Unlimited at $7,500/year). Customer segments span neobanks and fintechs, crypto exchanges and DeFi apps, remittances and marketplaces, payroll/contractor platforms, and global high-net-worth individuals.

Rain generates revenue through a combination of share of card interchange, program and platform fees on enterprise multi-year contracts, Rain Spend subscriptions, FX/cross-border spread capture on stablecoin-funded B2B payments, and white-label/OEM licensing of its full-stack platform. Cumulative disclosed funding exceeded $338 million by January 2026 across a $6M seed (April 2022, Lightspeed-led), $24.5M Series A (March 2025, Norwest-led), ~$58M Series B (August 2025), and a $250M Series C at a $1.95B valuation (January 2026, ICONIQ-led); the company has executed three acquisitions (Uptop in November 2025, Fern in 2025, Guardrail.ai in June 2026) and is led by co-founder and CEO Farooq Malik with co-founder and CTO Charles Yoo-Naut.

Name

Rain

Legal name

Signify Holdings, Inc.

Website

https://rain.xyz

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

101–250 employees

Short description

Rain is a New York-based fintech that provides a unified API and stablecoin-native card-issuing platform for enterprises, serving 200+ partners including neobanks, crypto exchanges, and remittance operators with Visa/Mastercard-issued cards accepted in 150+ countries.

Ownership category

akta.pro rank

Product category

Stablecoin Payments Infrastructure

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

SIC

Services-Computer Programming, Data Processing, Etc. (7370)

akta.pro primary industry

Card Issuing Platforms (Issuer Processing) (FSAGABAD)

akta.pro secondary industries

On/Off-Ramps & Fiat Liquidity Providers for Stablecoins (FSADADAG), Crypto Payments & Stablecoin Settlement Platforms (BPAMAFAL), Payment Orchestration Platforms (FSAGABAA)

Keywords

• Stablecoin payments infrastructure
• Card issuing platform
• Crypto card issuing
• Cross-border payments API
• Embedded fintech platform

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales, Supply Chain

Revenue model

1. Interchange share + program/platform fees: Rain earns revenue through a combination of share of card interchange, program fees, and platform fees. Across three pricing tiers, the balance shifts between share of interchange retained, program/platform fees, contract duration, and minimum commitments, with higher tiers trading larger interchange share for higher minimums or longer commitments.
2. Rain Spend corporate card subscriptions: Recurring subscription fees for Rain Spend corporate cards: Starter Plan at $0/month (up to 10 physical and 20 virtual cards, U.S. teams only) and Unlimited Plan at $7,500/year (unlimited cards, lower fees, support for global teams), creating predictable recurring revenue from corporate customers.
3. Cross-border B2B payment and FX spread capture: For B2B and remittance use cases, Rain enables partners to capture more of the FX spread by executing FX when and where it makes the most sense via stablecoin rails, plus monetization from interchange and settlement on cross-border card-based B2B payments.
4. White-label / OEM platform licensing: Rain licenses its full-stack platform to partners (neobanks, exchanges, remittance providers) under Rain-Managed and Partner-Managed flow-of-funds models, generating platform and licensing-style revenue as partners embed wallets, cards, and money movement into their own products.

Pricing tiers

Go-to-market motion4 records

Distribution channels5 records

Marketing channels8 records

Core offering

Rain operates a unified, stablecoin-native payments infrastructure platform delivered via a single API, enabling banks, fintechs, exchanges, and large platforms to launch branded prepaid or credit card programs, wallets, virtual accounts, onramps, offramps, and cross-border payments. As both a Visa and Mastercard Principal Member, Rain issues cards accepted at 150M+ merchants across 150+ countries, settling card transactions daily with the networks using stablecoins. The platform also includes the Rain Spend corporate card product, Rewards/Raindrops loyalty, and the Agent Control Layer for AI-agent spending.

Product overview

Rain offers a unified, full-stack stablecoin payments platform for enterprises delivered through a single API. The platform combines Accounts (Wallets and Virtual accounts), Cards (Card issuing, Rewards, and Corporate Cards under the Rain Spend brand), and Money Movement (Onramps, Offramps, and Payments) capabilities. Additional modules include the Agent Control Layer for AI agent payments and the acquired Uptop brand for onchain rewards. Built on stablecoin-native infrastructure with daily onchain settlement to the Visa and Mastercard networks (both as Principal Member), Rain enables partners to launch compliant consumer and corporate card programs in 150+ countries and process payments across North America, South America, Europe, Asia, and Africa.

Differentiator

Problem solved

Functional benefit

Brands

• Rain Spend: Branded corporate card product suite with tiered pricing plans (Starter and Unlimited) for corporate spend management, offered via Rain's stablecoin-backed card infrastructure.
• Raindrops

Products and services

• Wallets Stores stablecoins with flexible and secure setups as part of Rain's account infrastructure, supporting both custodial and non-custodial custody models for partners and end users.
• Virtual Accounts Creates named accounts with static routing details to send and receive funds, functioning like modern digital dollar accounts for partners and their end users.
• Card Issuing Launches prepaid or credit card programs powered by stablecoin infrastructure, accepted worldwide through Visa and Mastercard networks in 150+ countries.
• Rewards Card-native rewards program using Raindrops loyalty points that drive cardholder usage and revenue for partners, with branded points, travel rewards, and statement credits. Powered by Rain's 2025 acquisition of Uptop.
• Onramps Converts fiat into stablecoins via ACH, wire, or SWIFT transfers and supports deposits from existing stablecoin holdings, enabling partners to fund wallets and cards.
• Offramps Converts stablecoins into local fiat currency and supports cash payouts through the Western Union Digital Asset Network across 150+ countries.
• Payments Sends and receives fiat and stablecoin payments across borders with programmable, real-time settlement via API for partner programs.
• Rain Spend Corporate Cards Modern corporate cards for global finance teams combining real-time spend controls, granular limits and approval workflows, global acceptance through Visa, and stablecoin-backed settlement with daily onchain reconciliation. Includes native QuickBooks and Entendre integrations.
• Agent Control Layer Provides guardrails that allow AI agents to spend and move money safely through scoped virtual cards and configurable spend rules, enabling controlled agentic payments for partner programs.

Quantifiable outcome

• $3B+ annualized transactions processed across 200+ partners
• +6 more outcomes

Named customers17 records

Segments6 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration7 records

AI capability2 records

Feature6 records

Partnerships

Eleven partnerships are on record, tiered flagship, core and minor.

• MastercardflagshipStrategic or Co-development Partner · 4 May 2026Rain became a Mastercard Principal Member, expanding from its exclusive Visa partnership to offer credit and prepaid cards on the Mastercard network, targeting larger enterprise institutions with multi-year payment network relationships.
• Episode SixcoreStrategic or Co-development Partner · 1 April 2026Long-term partnership to expand Rain's card issuing services across the APAC region, leveraging Episode Six's regional infrastructure and scalable payment processing to meet growing demand for stablecoin-powered payments.
• Wachtell, Lipton, Rosen & KatzminorImplementation/ SI/ Consulting Partner · 9 January 2026Served as legal advisor to Rain on its Series C financing.
• UptopcoreStrategic or Co-development Partner · 12 November 2025Rain acquired Uptop, an onchain rewards platform, to integrate native rewards into its enterprise card and wallet programs across categories including retail, entertainment, travel, and dining. Uptop continues to operate as an independent brand within Rain.
• Western UnionflagshipStrategic or Co-development Partner · 4 November 2025Rain joined Western Union's Digital Asset Network, enabling stablecoin users to convert holdings into cash at Western Union locations. Western Union also launched the USD Stable Card built with Rain and Visa, targeting high-inflation countries like Argentina.
• FernminorStrategic or Co-development Partner · 1 January 2025Rain acquired Fern, a currency conversion platform, in late 2025 as part of its strategy to deepen its full-stack stablecoin payments platform through strategic acquisitions.
• VisaflagshipStrategic or Co-development PartnerRain is a Visa Principal Member and the first issuer to settle Visa transactions using stablecoins every day of the week. Visa membership has been expanded into APAC. Rain issues cards on the Visa network accepted at 150M+ merchant locations in 150+ countries.
• NuveicoreChannel Partner/ Reseller/ DistributorRain serves as a vertically integrated issuing partner for Nuvei's blockchain-based payment solution for LATAM merchants, alongside BitGo (custody) and Visa. Nuvei's merchants can fund stablecoin-backed cards accepted anywhere Visa is accepted.
• SSB (banking services partner)coreOthersProvides banking services underpinning Rain's product; funds deposited at SSB are eligible for FDIC insurance up to $250,000 per depositor.
• Third National (Visa issuing bank partner)coreOthersCards are issued by Third National pursuant to a license from Visa.
• BitGocoreTechnology or IntegrationBitGo provides digital asset custody and wallet solutions for the Nuvei x Rain x Visa blockchain payment solution in LATAM.

Scale indicators14 records

Recent moves11 records

Expansion highlights7 records

Direct peers

• Stripe (Bridge): Stripe acquired Bridge in 2024-2025 to build stablecoin-native accounts and payments infrastructure for internet businesses. Operates at a much larger scale than Rain, with overlapping enterprise customer base in fintechs, exchanges, and platforms.
• Marqeta: Public card-issuing platform that powers consumer and commercial card programs for fintechs and neobanks via API. Direct competitor to Rain's card-issuing stack, though Marqeta's heritage is fiat-rail rather than stablecoin-native.
• Circle: USDC issuer and stablecoin payments/treasury platform that is rapidly expanding into card issuing, payments, and onchain money movement. Closest comparable to Rain on the stablecoin-native payments wedge, with much larger balance-sheet resources.
• Coinbase: Major U.S. crypto exchange that has issued crypto-funded cards and on-chain payment products. Direct competitor for stablecoin-funded consumer and corporate card use cases, especially for exchanges, DeFi apps, and crypto-native users.
• BVNK: Stablecoin payments platform for enterprise cross-border payouts and card issuance. Targets similar B2B/remittance use cases as Rain with stablecoin rails and is named as a comparable competitor by investors covering the space.
• Lithic: API-first card-issuing platform serving fintechs and startups with virtual and physical card programs. Direct competitor on developer-led card issuing, though Lithic is fiat-rail-first rather than stablecoin-native.
• Highnote: Modern card-issuing and embedded payments platform with a single API for card, ledger, and account products. Competes with Rain for enterprise fintech and embedded finance workloads.
• Galileo Financial Technologies (SoFi): Long-standing card-issuing and payments processing platform owned by SoFi, serving fintechs and banks globally. Direct comparable for enterprise card-issuing infrastructure, though fiat-rail-oriented.

Broad incumbents

• Adyen: Global payments platform serving large enterprise merchants and platforms with unified acquiring, issuing, and processing. A broad incumbent Rain must compete with on enterprise cross-border and card-issuing RFPs.

Emerging players

• Zero Hash: Embedded stablecoin and digital asset infrastructure provider powering brokerage, neo-banking, and payments use cases. Comparable on stablecoin-as-a-service and card-adjacent money-movement rails, but smaller in card issuing.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/raincards
• LinkedInlinkedin.com/company/rainxyz

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries2 records

Funding overview

Funding rounds4 records

Investors28 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Rain