Ripple Secures $200M Series C Funding
December 26, 2019
has secured $200 million in Series C funding—an investment that marks a
record year for the business and further proves the value of blockchain
technology in improving global payments and the broader utility of the
digital asset XRP and the XRP Ledger.
The Series C was led by Tetragon with participation from SBI Holdings
and Route 66 Ventures. These notable investors not only underscore
Ripple’s long-term potential, but as partners, they offer invaluable
industry insight and expertise to help Ripple’s business grow on a
“We are in a strong financial position to execute against our vision. As
others in the blockchain space have slowed their growth or even shut
down, we have accelerated our momentum and industry leadership
throughout 2019,” said CEO Brad Garlinghouse.
Ripple has seen its strongest year of growth to date in 2019. The
company’s global payments network RippleNet grew to more than 300
customers worldwide and included a new strategic partnership with
MoneyGram. Today, the network has customers in more than 45 countries
and 6 continents, with payout capabilities in over 70 countries. This
network momentum drove 10x year-over-year growth in transactions across
the network and more banks and payment providers using XRP to source
liquidity on demand than ever before.
addition, Ripple announced the next chapter for Xpring: the open
developer platform for money. This platform offers tools, services and
programs that make it easier for developers to send and receive payments
in any currency, across any network, using the XRP Ledger and
Interledger Protocol (ILP)—removing the pain and friction from
integrating money into apps.
Finally, this investment will expedite the company’s on boarding of new
global talent to meet market demands and better serve its growing
community of customers and partners.
Ripple’s Series C is just one moment along the company’s journey to
change the way the world moves money. Ultimately, this investment
supports Ripple’s broader vision for the Internet of Value (IoV) to
enable the world to move value like information moves today—a global
problem, with far-reaching implications.