The increasing frequency of heavy rainfall events, which are a major cause of urban flooding, underscores the urgent need for accurate precipitation forecasting - particularly in urban areas where localized events often go undetected by ground-based sensors. In Germany, only 17.3% of hourly heavy rain events between 2001 and 2018 were recorded by rain gauges, highlighting the limitations of traditional monitoring systems. Radar data are another source that effectively tracks ongoing precipitation; however, forecasting the development of heavy rain using radar alone remains challenging due to the brief and unpredictable nature of such events. Our focus is on evaluating the effectiveness of fusing satellite and radar data for nowcasting. We develop a multimodal nowcasting model that combines both radar and satellite imagery for predicting precipitation at lead times of 5, 15, and 30 minutes. We demonstrate that this multimodal strategy significantly outperforms radar-only approaches. Experimental results show that integrating satellite data improves prediction accuracy, particularly for intense precipitation. The proposed model increases the Critical Success Index for heavy rain by 4% and for violent rain by 3% at a 5-minute lead time. Moreover, it maintains higher predictive skill at longer lead times, where radar-only performance declines. A qualitative analysis of the severe flooding event in the state of North Rhine-Westphalia, Germany in 2021 further illustrates the superior performance of the multimodal model. Unlike the radar-only model, which captures general precipitation patterns, the multimodal model yields more detailed and accurate forecasts for regions affected by heavy rain. This improved precision enables timely, reliable, life-saving warnings. Implementation available at https://github.com/RamaKassoumeh/Multimodal_heavy_rain