Ripple, a provider of enterprise blockchain solutions for payments, announced on Friday it secured $200 million through its Series C funding round, which was led by Tetragon with participation from SBI Holdings and Route 66 Ventures. Founded in 2012, Ripple claims it provides one frictionless experience to send money globally using the power of blockchain. The company has offices in San Francisco, New York, London, India, Singapore and São Paulo as well as has more than 350 employees and more than 200 customers around the world.
“By joining Ripple’s growing, global network (RippleNet), financial institutions can process their customers’ payments anywhere in the world instantly, reliably and cost-effectively. Banks and payment providers can use the digital asset XRP to further reduce their costs and access new markets.”
Speaking about the investment round, Ripple CEO, Brad Garlinghouse, stated he believes the company is in a strong financial to execute against its vision. He further explained:
“As others in the blockchain space have slowed their growth or even shut down, we have accelerated our momentum and industry leadership throughout 2019.”
Ripple also reported that 2019 is considered its strongest year of growth to date, with its global payments network, RippleNet, growing to more than 300 customers worldwide and a strategic partnership with MoneyGram. Ripple then added:
“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.”
The Series C investment will notably expedite Ripple’s onboarding of new global talent to meet market demands and better serve its growing community of customers and partners.