Ripple
“Can a crypto-payments company become the end-to-end financial infrastructure (payments, custody, stablecoin, treasury, prime brokerage) for institutions adopting digital assets?”
Founded2012
HQSan Francisco, California, United States
Total raised~$800M (plus $500M 2024 round)
Latest round$500M at $40B valuation
Valuation$40B
IndustryFintech / Crypto
The story
Founded 2012 as a cross-border payments company built on the XRP Ledger. Following years of SEC litigation, Ripple expanded beyond payments into custody (Metaco acquisition), stablecoins (RLUSD launch 2024), prime brokerage (Hidden Road acquisition), and corporate treasury (Ripple Treasury via Coprocess / CashAnalytics). The current thesis is becoming the full-stack crypto financial infrastructure provider for enterprises and financial institutions.
Product timeline
2012
Founded as a crypto payments company built on XRP Ledger· pivot
2020
Launched Line of Credit beta on RippleNet for On-Demand Liquidity customers· lending
2024
Launched RLUSD stablecoin· banking
2025
Launched Ripple Treasury (TMS with native digital asset capabilities) following Coprocess / CashAnalytics acquisitions· acquisition
2025
Expanded into custody, stablecoins, prime brokerage and corporate treasury· banking
The stack
Payments / PSP
Banking / BaaS
Lending
Ripple (in-house)RippleNet Line of CreditXLS-66 Lending Protocol (XRP Ledger primitive)Accion Opportunity Fund partnership (SMB lending)
FX & payouts
Crypto
Accounting gap: none