The start-up raised $110 million in a Series B funding round led by San Francisco-based investment company Paradigm and Silicon Valley VC firm – Kleiner Perkins.
Rain Financial, which is a cryptocurrency exchange licensed by the Central Bank of Bahrain, raised $110 million in funding in a time when digital currencies are being recognized by investors across the globe.
The financing round also saw the participation of new and existing investors including US-based Coinbase Ventures, Middle East Venture Partners, crypto-focused fund CMT Digital Ventures, Global Founders Capital, and Cadenza Ventures. Rain Financial had raised $6 million in a Series A in January 2021 and $2.5 million in a seed round in July 2019.
Rain was founded in 2017 by Abdullah Almoaiqel, AJ Nelson, Joseph Dallago, and Yehia Badawy. The exchange, which also operates as a crypto-asset broker, plans to use the fresh capital injection for a regional expansion and to grow its team, as well as strengthen its technological platform.
The founders in a release commented, “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 of our supported markets.”
Cryptocurrencies have become a popular mode of investment over the past two years, partly spurred by increased digital adoption during the pandemic. It has also been driven by bored investors with time on their hands during movement restrictions and extra money to invest after a series of government stimulus packages.