“Can a crypto-payments company become the end-to-end financial infrastructure (payments, custody, stablecoin, treasury, prime brokerage) for institutions adopting digital assets?”
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.
ShopifySolana FoundationRipple discloses Ripple (in-house) as its banking provider, according to the Embedded Finance Index 2026.
Ripple has applied for a national trust bank charter for Ripple National Trust Bank with the OCC. Status: conditional approval (2025-12-12). Until then its banking services run through Ripple (in-house).
Ripple processes payments through Ripple Payments (self-operated) and Ripple Payments Direct (self-operated).
Ripple's lending and capital products are provided by Ripple (in-house).
Ripple uses Ripple Payments (self-operated) for FX and cross-border payouts.
Ripple's crypto products run on Ripple (in-house) and Ripple Custody (in-house, via Metaco acquisition).
The Embedded Finance Index 2026 maps 5 layers in Ripple's stack: Payments / PSP (Ripple Payments (self-operated) and Ripple Payments Direct (self-operated)); Banking / BaaS (Ripple (in-house)); Lending (Ripple (in-house), RippleNet Line of Credit, XLS-66 Lending Protocol (XRP Ledger primitive) and Accion Opportunity Fund partnership (SMB lending)); FX & payouts (Ripple Payments (self-operated)); Crypto (Ripple (in-house) and Ripple Custody (in-house, via Metaco acquisition)).
Ripple is founded in 2012 and headquartered in San Francisco, California, United States.
Ripple has raised ~$800M (plus $500M 2024 round) in total (latest round: $500M at $40B valuation; valuation: $40B).
Get a read on where your own stack stands against Ripple and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.