Kleiner Perkins and Paradigm Lead Series B in Bahrain-Based Rain Financial
Posted on 01/18/2022
Bahrain-based Rain Financial, Inc. is a licensed cryptocurrency brokerage and custodian servicing the Middle East, Turkey, and North Africa. Rain Financial raised US$ 110 million in Series B funding at a US$ 500 million valuation. Kleiner Perkins and Paradigm co-led, and were joined by Coinbase Ventures, Global Founders Capital, Middle East Venture Partners (MEVP), Cadenza Ventures, Abdul Latif Jameel Investment Management Company (JIMCO), and CMT Digital. The company will use the capital to pursue licensing in additional countries, enhance its technology platform and expand the team. CMT Digital is a division of the CMT Group.
In 2021, Rain Financial raised US$ 6 million in a Series A funding round led by MEVP with participation from Coinbase Ventures.
Founded in 2017, Rain became the first licensed crypto-asset service provider in the Middle East two years later. Rain Financial claims to have hosted over US$ 1.9 billion worth of transactions and amassed over 185,000 active users since its founding.
In January 2021, The Central Bank of Bahrain approved the launch of cryptocurrency exchange CoinMENA, which complies with Islamic law, or shariah.