Bret Allenbach Joins Ripple Labs as Chief Financial Officer

PayPal and Visa Veteran to Help Drive Company’s Rapid Growth as Provider of Global Financial Settlement Technology

San Francisco, Calif. –¬†Aug 31, 2015 – Ripple Labs, provider of global financial settlement services and solutions for Ripple, today announced it has appointed Bret Allenbach as the company’s Chief Financial Officer. As the former CFO of Payments and Risk for PayPal and VP of Finance at Visa, Allenbach is a twenty-year industry veteran with deep experience scaling innovative technology companies through high growth stages.

“Bret adds a wealth of front-line experience and analytical prowess to our growing bench of cryptography, security, fintech and banking specialists,” said Ripple Labs CEO and co-founder Chris Larsen. “Having architected a financial risk model for PayPal’s payments business that helped catapult PayPal from a multi-million dollar enterprise to a multi-billion dollar one, Bret has a proven track record as a key growth driver and strategist for fintech companies navigating new territory. He will be instrumental in charting and propelling Ripple Labs’ next phase of growth.”

Prior to serving as CFO of Payments and Risk for PayPal, Allenbach held a number of other roles during his nine years with the company, including Senior Director of Global Risk Management, Senior Director of Global Risk Analytics, and Director of the Financial Services Group. Previously, he held a number of leadership positions with Visa during a seven-year tenure, including Vice President of Finance. He has also worked in finance related roles for World Savings and Loan Association, Federal Home Loan Bank of San Francisco, and Pacific Gas and Electric Company.

“I am thrilled to be a part of the incredible Ripple Labs team that is modernizing the world’s payments infrastructure,” said Allenbach. “In providing payments services to people and businesses throughout my career, I’ve experienced first-hand the inefficiency and inaccessibility of today’s settlement infrastructure. I look forward to engaging with the team and helping to support our grand vision of enabling an Internet of Value.”

Ripple Labs provides services and solutions for Ripple, global financial settlement technology. Ripple enables the world’s disparate financial networks to securely transfer funds in any currency in real time. Banks, payment networks, money transmitters and clearing houses use Ripple as an alternative to correspondent banking to facilitate straight-through processing with no reserve funding required.

Ripple was created to enable the world to move value as easily as information moves today, giving rise to an Internet of Value (IoV) akin to today’s Internet of Knowledge. For more information about Ripple Labs, please visit http://www.ripplelabs.com. For more information about Ripple, please visit http://www.ripple.com.

About Ripple Labs

Ripple Labs provides services and solutions for Ripple, global financial settlement infrastructure technology. Ripple powers the free and instant exchange of anything of value, and enables the creation of an Internet of Value (IoV).

Ripple Labs’ team of more than 100 is comprised of deeply experienced cryptographers, security experts, distributed network developers, Silicon Valley and Wall Street veterans. They contribute code to the open-source software, as well as develop tools for and recruit financial institutions and payment networks to use Ripple. The team shepherds a movement to evolve finance so that payment systems are open, secure, constructive and globally inclusive.

About Ripple

Ripple is IP-based technology that interconnects all the world’s disparate financial systems to power the secure transfer of funds in any currency in real time — it enables an Internet of Value (IoV). As settlement infrastructure, Ripple transforms and enhances today’s financial systems. Ripple unlocks assets and provides access to payment systems for everyone, empowering the world to move value like information moves today. For more information about Ripple, please visit http://www.ripple.com.