“Can a vertically integrated, network-member stablecoin issuer become the default global card and payments rail for enterprises moving on-chain money?”
Rain was founded in 2021 as a stablecoin-powered card issuing platform, evolving from a single-product card issuer into a vertically integrated stablecoin payments infrastructure company (accounts, wallets, cards, onramps/offramps, virtual accounts, cross-border payments). Rather than partnering with a third-party BaaS or issuer-processor, Rain acquired direct Visa and Mastercard principal membership, allowing it to sponsor and operate card programs globally while settling on-chain in USDC daily. The 2026 Series C at a $1.95B valuation cements a pivot from crypto-native card issuing to enterprise-grade global payments infrastructure — powering programs like Western Union's Stablecard.
Rain discloses Nimbus LLC dba Third National (in-house) as its banking provider, with SSB (Member FDIC) as its sponsor bank, according to the Embedded Finance Index 2026.
Rain has applied for a national trust bank charter for Rain National Trust Bank with the OCC. Status: application filed (2026-10-06). Until then its banking services run through SSB (Member FDIC) and Nimbus LLC dba Third National (in-house).
Rain processes payments through Rain Payments (self-operated).
Rain's cards are issued through Rain (self_issued) and Episode Six on the Visa and Mastercard networks.
Rain's lending and capital products are provided by Rain (in-house).
Rain uses Rain (self-operated) for FX and cross-border payouts.
Rain's crypto products run on Rain (self-operated) and Rain Liquidity LLC (in-house).
The Embedded Finance Index 2026 maps 9 layers in Rain's stack: Payments / PSP (Rain Payments (self-operated)); Banking / BaaS (Nimbus LLC dba Third National (in-house)); Card issuing (Rain (self_issued) and Episode Six); Card network (Visa and Mastercard); Lending (Rain (in-house), Credit cards (stablecoin-collateralized) and Rain-issued Visa credit programs (Exa App)); Sponsor bank (SSB (Member FDIC)); FX & payouts (Rain (self-operated)); Crypto (Rain (self-operated) and Rain Liquidity LLC (in-house)); Spend / AP (Rain Corporate Cards (self-operated)).
Rain is founded in 2021 and headquartered in New York City, NY (with offices in Washington, D.C. and Puerto Rico).
Rain has raised $338M+ in total (latest round: Series C, January 2026; valuation: $1.95B).
Rain's acquisitions include Ansa (2026) and Uptop (2025).
Get a read on where your own stack stands against Rain and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.