Stablecoin company Rain announced on Friday that it has raised $250 million in a funding round led by ICONIQ, giving the firm a valuation of $1.95 billion.

Rillet, a startup specializing in AI-powered accounting software, has raised $70 million in a Series B funding round co-led by venture capital giants Andreessen Horowitz and ICONIQ, signaling a bold attempt to shake up an industry long dominated by legacy players like Oracle and Microsoft. While the company did not publicly disclose its valuation, a source familiar with the deal said it is now valued at approximately $500 million.