Ripple Raises $55 Million in Series B Funding

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New strategic investors will enable Ripple to accelerate customer adoption. Image: Shutterstock

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.

It is with no small amount of pride that we share more of that success story today.

Ripple is pleased to announce that we have raised $55 million in Series B financing.

This includes participation from new investors, including Standard Chartered, Accenture and SCB Digital Ventures, the venture arm of Siam Commercial Bank, and SBI Holdings. Additional investors participating in the round include Santander InnoVentures, the venture arms of CME Group and Seagate Technology.

Ripple raises $55M in Series B funding from @StanChart @Accenture @scb_thailand @sbigroup Tweet This

This addition of notable investors demonstrates the backing of Ripple’s own customers and partners, who have hands-on experience with Ripple’s distributed financial technology. They have witnessed the many major milestones that our company has reached, from the first mobile application using our 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.”

Our global network gained a significant expansion as well, with the addition of several new customers, including Standard Chartered and Shanghai Huarui Bank. This news serves as concrete evidence of the impact we’re making to connect banks and their customers.

Completing our Series B round will allow our company to dramatically accelerate customer adoption, pursue strategic partnerships and grow our global team. Ultimately, this investment will support Ripple’s core vision of enabling money to move as freely and securely as information does online today.

This funding announcement follows our Series A round in May 2015 with investment from IDG Capital Partners, Jerry Yang’s AME Cloud Ventures, and the venture arms of CME Group and Seagate Technology, among others. Early investors also include Andreesen Horowitz, Google Ventures and Santander InnoVentures. In total, Ripple has received over $93M in funding.

From our investors:

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.

— Alex Manson, Global Head, Transaction Banking, Standard Chartered.

Accenture has worked alongside Ripple for some time now, helping our banking clients understand and implement distributed financial technology. 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.

— Richard Lumb, Group Chief Executive, Financial Services at Accenture.

Siam Commercial Bankis excited to take a pioneering role in investing and piloting money transfers through Ripple’s network. Our participation makes SCB the first Thai commercial bank to move forward with remittance and other use cases with blockchain. The due diligence was conducted by Digital Ventures, the investment and innovation arm of SCB, reaffirming our commitment to cultivating a solid fintech ecosystem for Thailand.

— Thana Thienachariya, Chairman of the Executive Committee of Digital Ventures, a subsidiary of Siam Commercial Bank.

Ripple’s growing, global network now includes 15 of the top 50 global banks, ten banks in commercial deal phases and over thirty bank pilots completed. We are incredibly proud of this momentous achievement and look forward to continuing our work with our customers, partners and investors as we move forward toward our goal of interoperating the world’s banks.

To read the full press release, click here.