Bahrain-based Cryptocurrency platform, Rain has raised $6M in a Series A funding round, led by Middle East Venture Partners (MEVP). The round also saw participation from new and existing investors: Coinbase, Vision Ventures, CMT Digital Ventures, JIMCO, and DIFC's Fintech Fund.
Founded in 2017 by four entrepreneurs: Abdullah Almoaiqel, AJ Nelson, Joseph Dallago, and Yehia Badawy, Rain enables customers to buy, sell, and store bitcoin and other crypto-assets, in a regulated, secure, and compliant way. The company became the first licensed crypto-asset platform in the Middle East in 2019, upon receiving a Category 3 Crypto-Asset Service Provider license from the Central Bank of Bahrain.
In a joint statement, the co-founding team said, “We are confident that our investors, who are regional and international leaders, will support us as we continue to drive towards our vision of reaching mass adoption of crypto-assets.”
Riyad Abou Jaoudeh, MEVP’s Junior Partner commented, “As crypto-assets continue to grow and transform into a recognized asset class, regional retail and institutional investors alike need a localized, safe, and regulated fiat-to-crypto rails. We are excited to back Rain, MENA’s first regulated crypto-asset company. This marks our first investment in Bahrain, a progressively regulated launchpad for GCC Fintechs.”
Vision Ventures added, “We are glad to continue to invest in Rain, which continues to lead in the sector by enabling everyone from the region to invest in crypto-assets seamlessly. Rain Management’s team has been phenomenal as they grew so much in such a relatively short period of time.”
Crypto-asset adoption has soared over the past year, and Rain has plans to use the funding to expand its engineering team, focus on geographic expansion in the Middle East, and work with different regulators in the region to achieve its mission.
Rain Financial Inc. is registered with the US Securities and Exchange Commission and incorporated in the state of Delaware.