Rain Financial in the Middle East – which operates the Rain cryptocurrency exchange licensed by the Central Bank of Bahrain – has garnered more than $110 million in series B funding as digital currencies become more mainstream and legitimate in that part of the world.
Rain Financial Gets a Lot of Money
The funding round was led by Paradigm, a San Francisco-based crypto investment firm. Also helping with the round was Kleiner Perkins in Silicon Valley. Additional funds came from Coinbase Ventures in the U.S., Global Founders Capital, Cadenza Ventures, and CMT Digital, among others.
Rain Financial was founded in 2017 by Abdullah Almoaiqel, Joseph Dallago, Yehia Badawy, and AJ Nelson. The founders have stated they are going to be using the money to secure more licenses in the Mena region, as well as in Pakistan and Turkey. The company is also going to further enhance its trading platform and expand its staff.
In a join statement, the founders of Rain Financial explained:
We are very excited about this funding opportunity as it allows us to continue conversations with regulators across the Mena region, Turkey, and Pakistan about the benefits and potential of cryptocurrency. It will also support our overarching mission of providing education and access to cryptocurrency to all our supported markets. At Rain, we strongly believe in the long-term value of cryptocurrency and its blockchain technology foundation to change finance globally.
Despite beginning five years ago, the company did not get a crypto-asset broker license until 2019 by Bahrain’s central bank. The company seeks to provide ways for customers to both sell and purchase digital currencies. In addition, Rain Financial offers crypto custody services to its clients, giving them a secure and safe way to store their assets. Three years ago, Rain Financial earned as much as $2.5 million in funding from companies like BitMex Ventures and Bahraini crypto fund Block Water. The company also got a whopping $6 million in early 2021 through a series A funding round led by Coinbase.
Casey Caruso – investing partner at Paradigm – explained in an interview:
We believe Rain is a crucial piece of the puzzle for bringing the Middle East deeper into the new crypto economy. Their emphasis on supporting and educating those new to crypto alongside strong banking and regulatory relationships has helped them build a service people trust.
Growing the Team
To date, the company has engaged in just under $2 billion worth of transactions and boasts more than 180,000 users. There are more than 400 people employed with Rain Financial, and executives say they hope to double the size of the team by the end of 2022. The firm said:
While continuing to focus on regional expansion, Rain seeks to offer a safe and secure space to buy, sell and store cryptocurrencies, as well as provide regular educational opportunities for those interested in learning more about cryptocurrencies.