Rain Financial, operator of the Rain cryptocurrency exchange that is licensed by the Central Bank of Bahrain, raised $110 million in series B funding as digital currencies gain more acceptance among mainstream investors globally. The round was led by San Francisco-based cryptocurrency-focused investment company Paradigm and Silicon Valley venture capital company Kleiner Perkins. Rain Financial also received backing from US-based Coinbase Ventures, Global Founders Capital, Middle East Venture Partners, Cadenza Ventures, Jimco and CMT Digital. Founded in 2017 by Abdullah Almoaiqel, AJ Nelson, Joseph Dallago and Yehia Badawy, Rain will use the proceeds of the funding round to secure more licences in the Mena region, Turkey, and Pakistan, enhance its technology through an advanced trading platform and grow the team.
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 driven by bored investors with time on their hands during movement restrictions and extra money to invest after a series of government stimulus packages. Rain Financial was set up in 2017 and received a licence to operate as a crypto-asset broker by Bahrain’s central bank in 2019. The company offers its customers a way to buy and sell digital currencies, as well as custodian services to hold their assets. In 2019, the start-up raised $2.5m from BitMex Ventures and Bahraini cryptocurrency fund Blockwater. The start-up has performed more than $1.9 billion worth of transactions to date and hosts more than 185,000 active users. With more than 400 employees, Rain will continue to grow its team across the region and hopes to double in size this year.