MENA-based Cryptocurrency Platform Rain raises $110M Series B
MENA-based Crypto trading platform Rain raises unprecedented round to fuel expansion and leverage talks with local regulators amidst MENA's crypto revolution
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Bahrain headquartered and MENA-based Cryptocurrency trading and services platform Rain has successfully raised $110M in its latest funding round. The Series B round was co-led by Paradigm and Kleiner Perkins with participation from numerous parties including Coinbase Ventures, Global Founders Capital, MEVP, Cadenza Ventures, JIMCO, and CMT Digital.
Founded in 2017 by Abdullah Almoaiqel, AJ Nelson, Joseph Dallago, and Yehia Badawy, Rain currently has subsidiaries in various jurisdictions, including Bahrain, Turkey, and UAE. Rain Financial Inc.’s subsidiary, Rain Management W.L.L, based in Bahrain, became the first licensed crypto-asset service provider in the Middle East in 2019 by the Central Bank of Bahrain. 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 providing regular educational opportunities for those interested in learning more about cryptocurrencies.
FinTech was the hero sector of the year across EVMs closing more than 20% of all deals and raising more than 30% of all capital deployed across MENA, Africa, Pakistan, and Turkey. As recorded in our newly released State of Startup Funding- 2022 Emerging Venture Markets Free Report, the FinTech sector across EVMs observed a 549% YoY growth in funding over 2021, crossing the $2Bn mark. While it bodes a critical feature for the FinTech sector as the largest 4 rounds closed were Mega Deals focused on open banking and alternative digital payment infrastructure including Nigeria-based Opay and Flutterwave, Senegal-based Wave Mobile Money, and South-Africa based TymeBank, MENA-based FinTech startups also raised sizable investments to engage blockchain and cryptocurrency. Last year, it was MENA-based CoinMENA ($9.5M), BitOasis ($30M), HAYVN, and Sarwa ($15M) amongst many of the startups who raised funds in 2021 to champion the transition to the world of cryptocurrency.
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This announcement comes after a Series A round of funding, led by MEVP with participation from Coinbase Ventures, during which Rain raised USD 6 million in January of 2021. Having done over USD 1.9 billion worth of transactions and amassed over 185,000 active users this round of Series B funding is a milestone within an already monumental year for the company. In a joint statement, the co-founding team highlighted, “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.” They added: “At Rain, we strongly believe in the long-term value of cryptocurrency and its Blockchain technology foundation to change finance globally. We are humbled to work with some of the highest quality global investors, like Paradigm, Kleiner Perkins and Coinbase Ventures, who share a unified goal of a more open and inclusive financial system."
With over 400 employees, Rain will also continue to grow its team across the region hoping to double in size by 2022. “We believe Rain is a crucial piece of the puzzle for bringing the Middle East deeper into the new crypto economy,” said Casey Caruso, investing partner at Paradigm. “Their emphasis on supporting and educating those new to crypto alongside strong banking and regulatory relationships has helped them build a service people trust. This is just the beginning for Rain, and we're honored to support their growth.”
The Bahrain-based FinTech will utilize this investment to further expand licensing in other countries and regions, enhancing its technology to power its advanced trading platform and continuing to grow the team as cryptocurrency adoption continues to increase globally. Commenting on this partnership Mamoon Hamid, a partner at Kleiner Perkins concluded, "Rain provides fundamental access and an on-ramp to a new paradigm of the Internet. We're excited to partner with Rain as they grow and expand to serve people in more locations around the world, including Pakistan."
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