Rain Financial Inc
Private
IndustryCrypto Assets Trading
Founded2017; 5 years ago (2017)
Founder
  • A J Nelson
  • Yehia Badawy
  • Joseph Dallago
  • Abdullah Almoaiqel
HeadquartersBahrain
Area served
  • Middle East
  • Turkey
SubsidiariesRain Management, W.L.L.
Websiterain.bh

Rain Financial Inc. is a Bahrain-based cryptocurrency exchange platform licensed and regulated by the Central Bank of Bahrain.[1] The platform that provides trading between cryptocurrency and fiat currency is the first platform to offer Shariah-compliant cryptocurrencies.[2][3]

Rain Financial Inc. enables customers to buy, sell, and store bitcoin and other crypto-assets, in a regulated, secure, and compliant way. Since its inception, the company has secured customers in Bahrain, Saudi Arabia, Kuwait, Oman, and UAE and as of 2022, serves over 100,000 users in the region.[4][5]

History[edit]

Rain Financial Inc. was established in 2017 by Joseph Dallago and fellow Bitcoin enthusiasts Abdullah Almoaiqel, A J Nelson, and Yehia Badawy.[6][7] Two years later the company received a category 3 crypto asset service provider license from the Central Bank of Bahrain.[8] Rain Financial Inc. was founded with the aim to provide a regulated way for its customers to buy, sell, and store bitcoin and other crypto assets.[9][10]

In 2020, Rain Financial Inc. rose to popularity with a substantial increase in the general public’s interest in digital assets.[11] In order to address this wave, The company raised $6 million in a Series A funding round in January 2021 to grow across Asia, gaining financing from Coinbase Inc.[12] Later that year, the company started its operations in Pakistan.[13]

Rain Financial Inc. is collaborating with authorities across the Mena region to get the required licences for the launch of their new and enhanced platform 'Rain 2.0,' which will offer a new set of products and an improved client experience.[14][15]

Funding[edit]

Rain Financial Inc. has raised a total of $202.9 Million in eight funding rounds, with Kleiner Perkins, Paradigm, and Middle East Venture Partners (MEVP) being the lead investors.[16][17]

Pakistan launch[edit]

In September 2021, Pakistan's largest and oldest English-language newspaper Dawn hinted the upcoming launch of a licensed and regulated cryptocurrency trading platform in Pakistan by Rain Financial Inc.[18]

References[edit]

  1. ↑ "Rain - Crunchbase Company Profile & Funding". Crunchbase. Retrieved 19 July 2022.
  2. ↑ Staff, Entrepreneur Middle East. "Bahrain's Rain Management Aims To Increase Crypto Assets Adoption After Raising US$6 Million In Series A Funding". Entrepreneur. Retrieved 19 July 2022.
  3. ↑ "Rain Financial - Headquarter Locations, Products, Competitors, Financials, Employees". www.cbinsights.com. Retrieved 19 July 2022.
  4. ↑ D'Mello, Sandhya. "Rain Financial working closely with Mena regulators for new crypto platform". Khaleej Times. Retrieved 19 July 2022.
  5. ↑ "Crypto-asset platform Rain raises $6m in Series A from MEVP & Coinbase". IBS Intelligence. Retrieved 19 July 2022.
  6. ↑ "Coinbase, MEVP Invest in Crypto-Asset Startup Rain". Bloomberg.com. 17 January 2021. Retrieved 19 July 2022.
  7. ↑ "Rain". JIMCO. Retrieved 19 July 2022.
  8. ↑ Reporter, The Newspaper's Staff (25 September 2021). "Cryptocurrency trade platform set to launch". DAWN.COM. Retrieved 19 July 2022.
  9. ↑ "CoinDesk: Bitcoin, Ethereum, Crypto News and Price Data". www.coindesk.com. Retrieved 19 July 2022.
  10. ↑ "Coinbase, MEVP invest in Middle East crypto-asset startup Rain". mint. 17 January 2021. Retrieved 19 July 2022.
  11. ↑ "Rain-Series-A-Press-Release-vFinal_EN.docx.pdf" (PDF). enterprise.press. Retrieved 19 July 2022.
  12. ↑ Betz, Brandy (18 January 2022). "Paradigm Leads $110M Investment in Bahrain's First Licensed Crypto Brokerage". www.coindesk.com. Retrieved 19 July 2022.
  13. ↑ "Leading crypto firm 'Rain Financial' raises $110 million in Series B funding". Arab News. 18 January 2022. Retrieved 19 July 2022.
  14. ↑ Nair, Deepthi (18 January 2022). "Middle East cryptocurrency exchange Rain raises $110m in new funding round". The National. Retrieved 19 July 2022.
  15. ↑ "RAIN | Rain Therapeutics Inc. Financial Statements - WSJ". www.wsj.com. Retrieved 19 July 2022.
  16. ↑ Release, Press. "Rain Financial "Rain" raises Series B funding co-led by Paradigm and Kleiner Perkins". www.zawya.com. Retrieved 19 July 2022.
  17. ↑ "Rain Ind. Share Price Today (19 Jul, 2022) - Rain Ind. Share Price Live NSE/BSE". The Economic Times. Retrieved 19 July 2022.
  18. ↑ Reporter, A. Staff. "Rain Financial raises $110m in Series B funding". Khaleej Times. Retrieved 19 July 2022.

External links[edit]