Rain Financial has raised $110 million in Series B funding
18 January 2022
The Series B funding round was co-led by Paradigm and Kleiner Perkins, with numerous parties participating.
Coinbase Ventures, Global Founders Capital, MEVP, Cadenza Ventures, JIMCO, and CMT Digital participated in the round, which was co-led by Paradigm and Kleiner Perkins. Rain, founded in 2017 by Abdullah Almoaiqel, AJ Nelson, Joseph Dallago, and Yehia Badawy, will use this investment to expand licensing in other countries and regions, improve its technology with an advanced trading platform, and continue to grow the team as cryptocurrency adoption grows globally.
“We are very excited about this funding opportunity because it allows us to continue conversations with regulators across the Mena region, Turkey, and Pakistan about the benefits and potential of cryptocurrency,” the co-founding team said in a joint statement. It will also help us achieve our overarching goal of providing cryptocurrency education and access to all of our supported markets.”
“At Rain financial, we strongly believe in the long-term value of cryptocurrency and the Blockchain technology foundation’s ability to change finance globally,” they added. We are honored to collaborate with some of the world’s most prestigious investors, including Paradigm, Kleiner Perkins, and Coinbase Ventures, all of whom share a common goal of creating a more open and inclusive financial system.”
“We believe Rain is a critical piece of the puzzle for bringing the Middle East deeper into the new crypto economy,” said Casey Caruso, a Paradigm investing partner. “Their focus on assisting and educating those new to cryptocurrency, combined with strong banking and regulatory relationships, has helped them build a service that people trust.” Rain’s journey is just getting started, and we’re thrilled to be a part of it.”
“Rain financial provides fundamental access and an on-ramp to a new paradigm of the Internet,” said Mamoon Hamid, a partner at Kleiner Perkins, of the partnership. “We’re excited to partner with Rain as they grow and expand to serve people in more locations around the world, including Pakistan.”
