Rain
Also a provider — view Rain’s profile →“Can a regionally-licensed, Shariah-compliant crypto exchange be the trusted retail on-ramp to digital assets in the Gulf?”
Founded2017
HQBahrain
FoundersAbdullah Almoaiqel, AJ Nelson, Joseph Dallago, Yehia Badawy
Total raised$2.5M (seed disclosed)
Latest roundSeed
IndustryFintech / Crypto
The story
Rain (rain.bh) is a Middle Eastern cryptocurrency exchange founded in 2017 and licensed by the Central Bank of Bahrain in 2019 as the region's first regulated crypto-asset service provider. The company operates a Shariah-compliant exchange enabling users to buy and sell Bitcoin, Ethereum and other digital assets, and is distinct from the US-based Rain (rain.xyz) stablecoin card-issuing infrastructure company and the US-based Rain (rainapp.com) earned-wage-access provider — both of which appear in the evidence but are different companies.
Last 12 months
—
Product timeline
2017
Founded; entered Central Bank of Bahrain regulatory sandbox as first crypto-asset company accepted.· pivot
2019
Rain Management W.L.L. became the first licensed crypto-asset service provider in the Middle East.· banking
2019
Raised $2.5M seed round.· pivot
Regulated entities
1
regulatory licence held by Rain
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
3 layers disclosed in Rain’s embedded-finance stack
Payments / PSP
Banking / BaaS
in the full report
Card issuing
in the full report
Accounting gap: none
2 more providers across 2 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.