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Rain Financial Inc., which operates a crypto asset platform used primarily in the Middle East and North Africa, has raised $ 6 million, supported by Coinbase Inc., the largest cryptocurrency exchange in the United States
The Series A funding round was led by venture capital firm Middle East Venture Partners, Rain Financial said in a statement. Rain Financial declined to disclose its valuation.
- Other investors include:
- Saudi private equity investor Vision Ventures
- Jameel Investment Management Co.
- CMT Digital Venture LLC, based in Chicago
- DIFC Fintech Fund based in Dubai
The startup’s four-year-old rain-management business was the first licensed crypto-asset platform in the Middle East when it got approval from the Central Bank of Bahrain to operate in 2019, according to the press release.
Crypto-platforms were boosted by a quadrupling in the price of Bitcoin, the largest cryptocurrency, in late 2020, which was accompanied by roller coaster volatility.
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The past year has seen “tremendous growth in the number of users and the volume of transactions on Rain,” co-founder Yehia Badawy said in an interview. “We have seen increased adoption in all areas by retail clients, high net worth individuals and institutional clients.”
Rain Financial plans to use the funds for regional expansion and to grow its engineering team, Badawy said. It is also in talks with regulators in the Middle East to expand its reach, he said.
(The company corrects the reference to Jameel Investment Management Company in the press release.)
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