The problem
Companies want to let users spend and move stablecoins without building card, compliance and settlement plumbing
What they do
Stablecoin-backed card issuing, wallets and payouts for fintechs and enterprises through one API
Traction $3B+ annualized volume, 200+ partners; payment volume up 38x in a year (Jan 2026)
Hiring trend
- Open roles
- 37
- Ops roles
- 4
- Headcount
- ~180
Headcount 15 to ~130 in 18 months (Jul 2026); ~177 by Aug 2026, +254% YoY (Crustdata est.)
Hiring in
- New York
- Washington, DC
- Remote (Europe)
Latest news
Oct 2026
Filed with the OCC to set up Rain National Trust Bank for custody and stablecoin issuance ↗Funding
- Last round
- $250M
- Stage
- Series C
- Date
- Jan 2026
Led by ICONIQ
- Hiring+237 open roles on the live job board (30+ roles = +2)
- Funding recency+1.5Series C · $250M, Jan 2026 (9 months ago): 6–12 months = +1, $100M+ round +0.5
- Traction+1.5Strong growth: $3B+ annualized volume, 200+ partners; payment volume up 38x in a year (Jan 2026)
- Red flags−11 significant flag in the last 24 months, −1 eachAug 2026: attacker drained ~$1.1M from users of several Rain-powered card programs via an outdated Solana card contract; Rain upgraded contracts and said users would be made wholecrypto.news, Sep 2026 ↗ · Blockaid analysis, Sep 2026 ↗
- Total4.02 + 1.5 + 1.5 − 1 = 4.0 → Tempo (3.5–4.24)
Distance (Half) is a separate read on how long the lead can last. It doesn't change the score.
Distance
Half · edge: hard to leave
Visa and Mastercard principal memberships, licenses and partner card programs make it costly to switch issuers, and it has added wallets and payouts; but the Aug 2026 exploit, crypto cycles and Stripe/Bridge and Mastercard/BVNK competition weigh on it
Sources: Fortune, May 2026: Mastercard principal member alongside Visa ↗ · PR Newswire, Sep 2026: payouts to 80+ countries in 50 currencies ↗ · Rain LinkedIn, Jul 2026: signing customers faster than it can launch them; ~2/3 of partners live ↗ · crypto.news, Sep 2026: $1.1M contract exploit ↗
Watch-outs
Aug 2026: attacker drained ~$1.1M from users of several Rain-powered card programs via an outdated Solana card contract; Rain upgraded contracts and said users would be made whole
Sources: crypto.news, Sep 2026 ↗ · Blockaid analysis, Sep 2026 ↗
Last checked Oct 25, 2026