Fintech firm Ripple raises $55M, to pursue strategic partnerships

Blockchain startup Ripple, that provides financial settlement solutions, has raised $55 million in a Series B investment round led by Standard Chartered, Accenture Ventures, SCB Digital Ventures, the venture arm of Siam Commercial Bank, and SBI Holdings. Additional investors; Santander Innoventures and Venture 51 also participated in the funding round. According to the company, the funds will be used to accelerate its customer growth, pursue strategic partnerships and grow the team internationally. Alex Manson, Global Head, Transaction Banking, Standard Chartered, stated that the investment is part of the bank’s commitment towards digitization. “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 more use cases to better serve our clients and their ecosystems’ needs in an evolving marketplace,” Manson added.
The investment is part of an extended alliance with Accenture, which will use the collaboration in investigating new ways to help clients use Ripple’s technology and leveraging Accenture’s deep industry expertise. However, Richard Lumb, Group Chief Executive, Financial Services, believes that the benefits of detail financial transaction (DFT) could go further, with real-time reporting capabilities and fraud detection. Ripple’s distributed financial technology allows for banks around the world to directly transact with each other without the need for a central counterpart or correspondent, claims the company. It enables banks to compress operational costs to settle cross-currency payments in real-time with visibility and traceability of the transaction. This ability allows banks to introduce new payment products and services while lowering back-office costs and improving customer experience. It also packs FX Market Making which offers liquidity providers the ability to participate in a global, distributed FX marketplace. The solution, apparently can be easily integrated via APIs into their existing infrastructure. While Chris Larsen, Co-founder and CEO, Ripple, said:
“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. We’re thrilled to have these world-class investors joining forces with us to help make this vision a reality.”
Additionally, the San Francisco-based fintech firm also announced the expansion of its growing global network with the inclusion of several new banks that uses solutions offered by Ripple. And listed 15 of the top 50 global banks, 10 banks in commercial deal phases and over 30 bank pilots that leverage the same. In today’s date, Ripple also boats of having received a total of over $93 million.

Abhinav Mohapatra

An author who has a keen interest for the ‘off-beat’ <!--more-->An author who has a keen interest for the ‘off-beat’, he has covered and explored multiple facets of the marketing, advertising

Great! You've successfully subscribed.
Great! Next, complete checkout for full access.
Welcome back! You've successfully signed in.
Success! Your account is fully activated, you now have access to all content.