Blockchain Startup Ripple Raises $55 Million From Big Banks

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by Tatsiana Yablonskaya · 3 min read
Blockchain Startup Ripple Raises $55 Million From Big Banks

Ripple is proud to announce that it has significantly expanded the list of its customers and investors.

Ripple has shared its recent success. The company is proud to announce that it has raised $55 million in Series B financing.

“Ripple set out to solve a global problem, with far-reaching implications and significant obstacles. Where others struggle to find a use case and a market, Ripple has turned customers into investors, and capital into commercial deployments of our solutions”, says the announcement.

Ripple confirms that it has attracted some new investors such as Standard Chartered, Accenture and SCB Digital Ventures, the venture arm of Siam Commercial Bank, and SBI Holdings. The full list of investors in this round also includes Santander InnoVentures, the venture arms of CME Group and Seagate Technology.

The participation of new investors proves the backing of Ripple’s own customers and partners, who have worked with Ripple’s distributed financial technology and obviously stayed satisfied. The current investors were able to appreciate the results Ripple has achieved, from the first mobile application using the solution to the first live cross-border payment on the Ripple network.

“Our mission is to make cross-border payments truly efficient for banks and their customers, and in doing so, lay the foundation for an Internet of Value where the world moves money as easily as information,” said Ripple CEO & co-founder Chris Larsen, “We’re thrilled to have these world-class investors joining forces with us to help make this vision a reality.”

Ripple underlines its contribution in connecting banks and their customers. A significant expansion of its global network due to the addition of some new customers including Standard Chartered and Shanghai Huarui Bank serves as a proof. Ripple’s network now includes 15 of the top 50 global banks, ten banks in commercial deal phases and over thirty bank pilots completed. The company is determined to continue working with customers, partners and investors connect the world’s banks.

“This investment is part of our commitment to the Bank’s digitization agenda. Ripple is one of the most advanced distributed financial technology companies in the industry with a tested and viable solution. Leveraging Ripple’s deep expertise in technology, financial services and compliance, we can co-develop and co-experiment more use cases to better serve our clients and their ecosystems’ needs in an evolving marketplace”, says Alex Manson, Global Head, Transaction Banking, Standard Chartered.

Ripple hopes that this Series B round of investment will significantly accelerate customer adoption, pursue strategic partnerships and expand global team.

Ripple carried out Series A round in May 2015 when it got $93M from IDG Capital Partners, Jerry Yang’s AME Cloud Ventures, and the venture arms of CME Group and Seagate Technology, among others.

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