“Ripple is thrilled to announce $200 million in Series C funding—an investment that marks a record year for the business and further proves the value of blockchain technology in improving global payments and the broader utility of the digital asset XRP and the XRP Ledger.”
The Series C was led by Tetragon with participation from SBI Holdings and Route 66 Ventures. These notable investors not only underscore Ripple’s long-term potential, but as partners, they offer invaluable industry insight and expertise to help Ripple’s business grow on a global scale.
“We are in a strong financial position to execute against our vision. As others in the blockchain space have slowed their growth or even shut down, we have accelerated our momentum and industry leadership throughout 2019,” said CEO Brad Garlinghouse.
Indeed, 2019 saw Ripple announce 200 customers in January and 300 in November, while investing in dozens of other projects via Xpring. Today, Ripple 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.
In an interview with Fortune, Brad Garlinghouse mentioned that he expects Ripple’s customer base to grow 30-40% in 2020, and says transaction volume on the company’s network will increase more than 600%. In the same interview, Garlinghouse mentioned that Moneygram now uses XRP for 15% of its transfers into Mexico and that Ripple clients also use significant volumes of XRP to facilitate transfers of Australian dollars, Philippine pesos, and—to a lesser degree—Brazilian real.
As for the new funding round, Garlinghouse cited a high level of investor interest in Ripple, saying the company did not need the money, though the funds will provide “balance sheet flexibility.” A Ripple spokesperson said its plans for next year include hiring up to 150 new employees and adding overseas offices, thus expediting the company’s on boarding of new global talent to meet market demands and better serve its growing community of customers and partners.
Garlinghouse declined to disclose details of Ripple’s revenues or operating profitability, but said the company is adhering to its core strategy of promoting the adoption of XRP. While Ripple earns money from licensing its money transfer software, its priority is XRP, since widespread adoption of the cryptocurrency would boost its price—and allow the company to profit from selling its reserves.
Prior to the latest funding round, Ripple had raised a total of $121.6M in funding over 13 rounds.