Exclusive: Crypto card issuer Rain raises $24.5 million in round led by Norwest Venture Partners
Summary
Rain, which issues debit and credit cards that let customers settle payments in stablecoins, has raised $24.5 million in a funding round led by AVAX token, to launch a Visa card that lets customers make payments using their AVAX tokens and stablecoins like USDC and USDT at any store that accepts Visa.You have assetsthey can be in USDC or Avalanche tokens and you get seamless access to spending capacity, Malik said.Rain receives a percentage of the fee that Visa charges merchants to take payments on the Visa card network. Rain also charges a subscription fee that corporate customers pay to introduce card programs and get access to the companys platform.Rain processes transactions in over 100 countries, the company says. However, Malik declined to disclose specific usage metrics and the companys annual revenue.The idea of crypto cards is not new. Crypto exchange Coinbase offers customers a Visa debit card that lets holders spend cryptoincluding stablecoinsand fiat-currencies directly from their Coinbase balance. Another crypto exchange, Gemini, offers its customers a credit card that doesnt let holders make payments in crypto but rather provides crypto as a reward for spending a certain amount in dollars.Rain will use the money raised in this round to expand its team, develop new technologies, and apply for additional regulatory licenses.The company previously raised $6 million from Lightspeed Venture Partners in 2022 to launch corporate credit cards for decentralized autonomous organizations like Uniswap.This story was originally featured on Fortune.com