“Can a regionally-licensed, Shariah-compliant crypto exchange be the trusted retail on-ramp to digital assets in the Gulf?”
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.
Rain Financial discloses Evolve Bank & Trust as its banking provider, according to the Embedded Finance Index 2026.
Rain Financial does not disclose a bank charter of its own; its banking services are provided through Evolve Bank & Trust.
Rain Financial processes payments through Stripe.
Rain Financial's cards are issued through Evolve Bank & Trust.
The Embedded Finance Index 2026 maps 3 layers in Rain Financial's stack: Payments / PSP (Stripe); Banking / BaaS (Evolve Bank & Trust); Card issuing (Evolve Bank & Trust).
Rain Financial was founded by Abdullah Almoaiqel, AJ Nelson, Joseph Dallago and Yehia Badawy and is founded in 2017, headquartered in Bahrain.
Rain Financial has raised $2.5M (seed disclosed) in total (latest round: Seed).
Get a read on where your own stack stands against Rain Financial 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.