Rain Raises $24.5 Million to Expand Stablecoin-Powered Card Issuing Globally

1 minute read | March.27.2025

Rain has successfully raised $24.5 million in new funding led by Norwest Venture Partners. New investors joining the round included Galaxy Ventures, Goldcrest, Thayer, and Hard Yaka. Existing investors Lightspeed Venture Partners, Coinbase Ventures, Vinyl Capital, Canonical Crypto, and Latitude Capital also participated.

Rain also announced its principal membership with Visa, partnering with the network to build their issuance footprint in Europe while expanding their current issuance across the U.S. and Latin America.

Orrick represented Rain.

THE COMPANY

Rain is a global card issuing platform powered by stablecoins. The company, which was founded in 2021 by Farooq Malik and Charles Naut, sponsors and operates card programs as a Visa principal member.

THE IMPACT

The investment will enable Rain to expand its stablecoin-powered card issuing operations globally, including scaling its operations and reaching new markets, and supports the company’s mission to enhance financial accessibility and innovation through stablecoin technology.

THE TEAM

Orrick’s Joseph Perkins led the team that advised Rain. The team also included Andrés Yarto, Ally Aquilina-Piscitello, and Alex Beezy.

Related Lawyers

Joseph Perkins Partner, Technology Companies Group, Blockchain and Virtual Currency

Silicon Valley

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D:+1 650 289 7188
E: JPerkins@orrick.com

Practice:

Technology & Innovation Sector
Technology Companies Group
Blockchain and Virtual Currency
Japan
Mergers & Acquisitions

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Joseph Perkins Partner

Silicon Valley

In the fast-paced and unprecedented blockchain and cryptocurrency markets, Joseph helps companies develop innovative and comprehensive legal strategies to achieve their goals of bringing to market disruptive and transformative technologies. From DAO and NFT creation, general corporate and fundraising strategies, to navigating complex and changing regulatory regimes, Joseph has become a go-to advisor for companies in the blockchain and virtual currency ecosystem.

As a member of Orrick’s Technology Companies Group, Joseph assists cutting-edge technology companies and investors with general corporate counseling, private venture capital financing, and M&A services. Joseph has had the opportunity to work with some of the most iconic companies in Silicon Valley, advising on corporate strategy and fundraising matters.

Joseph plays a key role in connecting the Silicon Valley and Japan tech and venture ecosystems. He advises Japanese technology companies and corporate venture capital funds, leveraging his Silicon Valley background to support their growth. Fluent in Japanese, Joseph maintains strong ties to Japanese businesses and collaborates closely with Orrick’s Tokyo practice.

Andrés Yarto Managing Associate

New York

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D:+1 212 506 5000
E: ayarto@orrick.com

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Andrés Yarto Managing Associate

New York

With a deep understanding of the technology landscape, Andres provides strategic counsel to technology companies and venture capital funds. His expertise spans two main areas: those focusing on blockchain, cryptocurrency, NFTs, and web3 technologies and companies operating in Latin America. While these areas don’t have to overlap, Andrés finds it particularly exciting when they do, as it presents unique opportunities for innovation and growth.

Andrés leverages his extensive knowledge, proficiency in both English and Spanish and experience to help clients navigate the complex regulatory environments and market dynamics of these rapidly evolving sectors. His insights are instrumental in guiding companies through funding rounds, structuring their products in a compliant way, strategic partnerships, and compliance challenges, ensuring they are well-positioned for success.

Ally Aquilina-Piscitello Associate

Santa Monica

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Ally Aquilina-Piscitello Associate

Santa Monica

Alexandra advises companies at all stages of growth on corporate formations, general corporate governance matters, venture capital financings and exit transactions.

Alexandra received her J.D. from the University of California, Los Angeles School of Law, where she served as a Managing Editor for the Journal of Law and Technology. Prior to law school, Alexandra graduated Phi Beta Kappa from Vassar College where she earned her B.A. in Psychological Sciences and Political Science.