Rain Acquires Uptop to Integrate Rewards Into Its Full-Stack Platform for Enterprise Card and Wallet Programs

Uptop--a card-linked rewards platform--is expanding beyond sports to offer rewards across retail, entertainment, travel, dining, and more.

NEW YORK, Nov. 12, 2025 /CNW/ -- Rain, the enterprise-grade infrastructure for stablecoin-powered payments, today announced it has acquired Uptop, an onchain rewards platform that turns everyday card purchases into loyalty for users, brands, and sponsors through simple card linking and receipt scanning.

The acquisition follows Rain's recently secured $58 million Series B and accelerates the company's commitment to delivering a complete, vertically integrated stack. This solution includes on-ramps, wallets, cards that work anywhere Visa is accepted, off-ramps and payouts, and now native rewards, so enterprises can launch and scale branded card and wallet programs with a single partner.

"We're building end-to-end, stablecoin-native infrastructure so our clients don't have to stitch it together," said Farooq Malik, CEO & Co-founder of Rain. "By integrating rewards, Rain continues to lead the stablecoin industry as a comprehensive platform that lets partners go live and scale fast, all while keeping the consumer experience simple. With Rain and Uptop, any partner will be able to offer branded cards with built-in rewards, or launch a Starbucks-style wallet and rewards program that drives loyalty."

Uptop is experienced in powering rewards programs for sports teams, including Cavs Rewards for the Cleveland Cavaliers, Pistons Rewards for the Detroit Pistons, and the program for LSU Athletics. In the Cavaliers program, sponsors have seen a 21% lift in spend from enrolled members and a 51% boost in Team Shop sales since launch. Beyond sports, Uptop also powers the Empire State Building's Ambassador Program. Under Rain, Uptop will expand into additional categories including retail, entertainment, travel, dining, and more.

By bringing rewards in-house, Rain unlocks a core cardholder expectation for stablecoin-powered programs. In the near future, Rain-issued cards can be linked to the Uptop-powered rewards marketplace so cardholders earn automatically on everyday spend, and partners can sponsor bonus-earn moments to drive frequency and retention. Uptop's onchain architecture runs on Avalanche, enabling low-latency, high-volume loyalty experiences while keeping the user experience familiar and simple.

"We built Uptop so linking a card is all it takes for people to feel closer to the brands and teams they love," said John Timoney, Co-founder of Uptop. "As part of Rain, we can bring that simplicity to more cardholders globally, with onchain infrastructure that's invisible to the user."

"Our card-linked, affinity rewards have proven they drive measurable spend. The next phase is integrating at the issuing layer. Rain lets us do exactly that, at scale," said Ross Basri, Co-founder of Uptop. "Alongside the impressive team at Rain, we can bring rewards to more partners and cardholders, faster."

Uptop will continue to operate as an independent brand under Rain.

About Rain: Rain is the global stablecoin infrastructure platform for enterprises, neobanks, platforms, and developers. Our technology allows partners to move, store, and use stablecoins instantly and compliantly through global payment cards, on/off-ramps, wallets, and cross-border rails. As a Visa Principal Member, Rain issues cards that work anywhere Visa is accepted, powering millions of purchases in over 150 countries. Built natively for stablecoins and trusted by more than 100 organizations worldwide, Rain delivers secure, scalable infrastructure that makes money move freely and instantly around the world. Learn more at https://www.rain.xyz/.

About Uptop: Uptop, a Rain company, is an onchain rewards platform that turns everyday purchases into loyalty across categories including sports, entertainment, travel, dining, and retail. With a simple card-link or receipt-scan, Uptop lets customers earn automatically where they already shop and redeem for perks that matter. Partners and sponsors benefit from measurable outcomes like frequency, basket size, and retention. Backed by Rain, Uptop brings integrated rewards to card and wallet programs at scale. Learn more at https://www.uptop.xyz/.

Media Contact:
Lucas Piazza
Marketing Lead, Rain
[email protected]

SOURCE Rain