SAN FRANCISCO — Ripple, a global provider of financial settlement solutions, has completed a $55 million Series B financing. The company will use the funds to accelerate its rapid customer growth, pursue strategic partnerships and grow the team internationally.
The financing includes participation from new investors including Standard Chartered, Accenture Ventures, SCB Digital Ventures, the venture arm of Siam Commercial Bank of Thailand, and SBI Holdings. Additional investors participating in the round include Santander Innoventures, the venture arms of CME Group and Seagate Technology, and Venture 51. The addition of notable strategic investors in this round, especially banks who are backing Ripple following hands-on experience with its solutions, provides the company with new counsel and expertise to better serve its growing customer base around the world.
“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.”
Existing Ripple investors include GV (Google Ventures), Andreessen Horowitz, IDG Capital Partners, and Jerry Yang’s AME Cloud Ventures. Ripple has received a total of over $93 million in funding.
As the only provider of enterprise blockchain solutions, Ripple’s growing, global network includes 15 of the top 50 global banks, 10 banks in commercial deal phases and over 30 bank pilots completed, among many others also using Ripple’s solutions.
Many of the investors commented about their decision to back Ripple and its distributed financial technology:
“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,” said Alex Manson, Global Head, Transaction Banking, Standard Chartered. “Leveraging Ripple’s deep expertise in technology, financial services and compliance, we can co-develop more use cases to better serve our clients and their ecosystems’ needs in an evolving marketplace.”
“Accenture has worked alongside Ripple for some time now, helping our banking clients understand and implement distributed financial technology,” said Richard Lumb, group chief executive—Financial Services at Accenture. “But the benefits of DFT could go further, with real-time reporting capabilities and fraud detection for example, having disruptive applications across industries. As such, and in addition to this investment by Accenture Ventures, we have formed an alliance with Ripple to investigate new ways to help clients use their technology, leveraging Accenture’s deep industry expertise.”
Ripple has offices in San Francisco, New York, London, Sydney and Luxembourg.