The company Rain, which issues Visa on-chain cards, has raised $24.5 million in a funding round led by Norwest Venture Partners.

Excited to announce $24.5M in new funding for Rain led by @NorwestVP with participation from new investors @Galaxyhq, @CompoSecure, Goldcrest, Vinyl, @BDMIFund, @LatitudeCapital, Thayer and @_hardyaka, and existing investors @lightspeedvp, @cbventures, and @CanonicalCrypto.… pic.twitter.com/q7QjkKAaXa
— Rain (@raincards) March 24, 2025

Other investors include Galaxy, CompoSecure, Goldcrest, Vinyl, BDMIFund, LatitudeCapital, Thayer, and Hard Yaka.

“As stablecoin adoption continues to grow, enabling various use cases such as cross-border payments, remittances, and dollar savings, so does the demand for seamless stablecoin integration into everyday transactions,” the company stated.

Rain noted that over the past 12 months, its revenue has grown 15x, and its cards are accepted in over 100 countries.

The company did not specify how the newly raised funds will be used.

According to Rain’s recent report, its Latin American customer base alone exceeds 600 million people. Between July 2023 and June 2024, approximately $415 billion in crypto flowed through the region—9.1% of global crypto activity.

In October 2024, Rain and Avalanche introduced a payment on-chain card.

Previously, Cryptol published an article on payment cards for digital asset transactions: