Stablecoin Firm Rain Valued at $1.95 Billion After Funding Round

Stablecoin payments firm Rain said it raised $250 million in a funding round that gives it a valuation of $1.95 billion.

The round was led by ICONIQ with participation from Sapphire Ventures, Dragonfly, Bessemer, Lightspeed and Galaxy Ventures, among others, Rain Co-Founder and Chief Executive Officer Farooq Malik told Bloomberg. It brings the company’s total funding to more than $338 million, he said.

Rain plans to use the capital to expand its presence in markets across North and South America, Europe, Asia and Africa, Malik told Bloomberg in an interview. It will also use the funds to help it adapt ...