Ripple Raises $55 Million in Series B Funding Round, Adds Several New Banks

Standard Chartered, National Australia Bank, Mizuho, Siam Commercial Bank and Shanghai Huarui Bank join Ripple.

Ripple, the New York regulated San Francisco based blockchain firm, just announced that it has completed a $55 million Series B financing. The company will use the funds to accelerate customer growth, pursue strategic partnerships and grow the team internationally.

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The financing includes participation from new investors including Standard Chartered, Accenture Ventures, 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, and Venture 51.

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“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 anf co-founder Chris Larsen, “We’re thrilled to have these world-class investors joining forces with us to help make this vision a reality.”

Today Ripple also announced the addition of several new banks to its global network. Standard Chartered, National Australia Bank (NAB), Mizuho Financial Group (MHFG), Siam Commercial Bank (SCB) and Shanghai Huarui Bank are now among the global banks that have adopted Ripple to improve their cross-border payments.

Chris Larsen, CEO & co-founder, Ripple
Chris Larsen, CEO & co-founder, Ripple

“2016 has proven to be the year where the most forward-thinking financial institutions are actually using blockchain technologies for payments and settlement rather than as an experiment,” added Larsen. “The continued growth of the Ripple network represents a major endorsement of our open approach to connecting the world’s banks and their customers. Together we are building a modern payments system to enable new economic opportunities and the seamless flow of value around the world.”

Today’s news follows SBI Ripple Asia’s creation of a Japanese consortium of 15 banks in a new network that will use Ripple’s technology for payments and settlement.

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