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Ripple

Provider
FX / PayoutsCrypto / StablecoinCrypto CustodyUnified FXPSP

Embedded-finance provider tracked in the Embedded Finance Index — disclosed by 10 companies across 5 categories.

ripple.com ↗Also analysed as a company — its own stack →
CategoriesFX / Payouts, Crypto / Stablecoin, Crypto Custody, Unified FX, PSP
Rank#33 of 179 in FX / Payouts
Buyers10 companies
HeadquartersSan Francisco, California, United States
Founded2012
Raised~$800M (plus $500M 2024 round)
RegulatoryConditional approval · National trust bank

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Founders & story · from Ripple’s own dossier

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.

Latest round: $500M at $40B valuation
Recent developments
  • 2025-12Conditional approval · Conditional Approval 1359 · 2025-12-12 — Ripple National Trust Bank, national trust bank, OCC. Federal trust charter for RLUSD stablecoin reserves and custody. [charter] source ↗
  • 2024Raised $500M at $40B valuation led by Fortress and Citadel Securities source ↗
  • 2025-12Launched Ripple Treasury — first TMS with native digital asset capabilities source ↗
  • 2026-04Surpassed $53.6M deployed via Accion Opportunity Fund partnership for small business lending on XRP Ledger source ↗
Full dossier: Ripple’s own stack, layer by layer →
Charter application · Conditional approval
Ripple National Trust Bank · National trust bank · OCC · New York, NY · filed 2025-07-02.
Conditional approval · Conditional Approval 1359 · 2025-12-12
Federal trust charter for RLUSD stablecoin reserves and custody.
OCC letter ↗
Who uses Ripple
10 companies disclose Ripple in their stack
Frente CorretoraZandBbvaSBI HoldingsBoubyan BankGenial InvestimentosVolante TechnologiesScbGTreasuryLemonway
Buyer mix · 10 of 10 classified
Bank / National · 4Infrastructure / Payments · 2Fintech / Conglomerate · 1Fintech / Cross-border payments · 1Fintech / Investment · 1Horizontal SaaS / Treasury Management · 1
LATAM · 2MENA · 2EU · 2APAC · 2US · 2
What the disclosures say
Frente Corretora
“Frente's own blog ('Como a nossa tecnologia tornou as Remessas Internacionais...') states it works with Ripple for FX/remittances.”
Zand
“Ripple partnership for blockchain-enabled cross-border payments.”
Bbva
“Added 2026-09-30: BBVA launched Bitcoin/Ether retail trading + custody in Spain (2025-07, MiCA-regulated, third market after Switzerland/Turkey) — https://www.bbva.com/en/es/innovation/bbva-launches-its-bitcoin-and-ether-trading-and-custody-service-for-all-retail-customers-in-spain/ — powered by Ripple Custody (2025-09…”
View source · bbva.com ↗
SBI Holdings
“SBI Remit press releases describe use of Ripple Payments/ODL with XRP for cross-border remittance to Philippines, Vietnam, Indonesia; SBI Remit is SBI's own remittance entity.”
Boubyan Bank
“boubyan.bankboubyan.com press release: signed initial agreement with Ripple for cross-border remittance. /en/exchange-rates lists live FX rates across multiple currencies.”
Genial Investimentos
“Portalrbn (March 2026): 'O Grupo Genial firmou uma parceria com a Ripple ... para a prestação de serviços de liquidação de pagamentos internacionais em dólar'; Conta Global page markets multi-currency USD account”
The complete buyer list and each company’s full embedded-finance stack are in the Embedded Finance Index report. Represent Ripple? Claim this profile above to unlock your own full list.
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What Ripple runs on · from its own dossier
The third-party providers Ripple itself discloses, layer by layer — the vendor as a buyer. Distinct from the companies above that disclose Ripple.
Crypto Custody
Ripple Custody
Full dossier with evidence for each layer →
Alternatives to Ripple

Other FX / Payouts providers in the index, by the number of companies that disclose them. A count of public disclosures, not a ranking of the products.

Currencycloud81 buyers →Airwallex80 buyers →Nium67 buyers →Wise Platform58 buyers →Stripe49 buyers →Convera33 buyers →Adyen26 buyers →Visa Direct23 buyers →
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Ranked #33 of 179 in FX / Payouts — Embedded Finance Index 2026
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Ripple — frequently asked

Which companies use Ripple?

10 companies are linked to Ripple in the Embedded Finance Index 2026, through their own public disclosures or Ripple's published customer list, including Frente Corretora, Zand, Bbva, SBI Holdings, Boubyan Bank, Genial Investimentos, Volante Technologies, Scb, GTreasury and Lemonway.

What does Ripple do?

Ripple is an embedded-finance provider in FX / Payouts, Crypto / Stablecoin, Crypto Custody, Unified FX and PSP. It ranks #33 of 179 FX / Payouts providers by linked companies.

Is Ripple a bank?

Ripple has applied for a national trust bank charter for Ripple National Trust Bank with the OCC. Status: conditional approval (2025-12-12).

What are the alternatives to Ripple?

The most-named FX / Payouts alternatives to Ripple are Currencycloud (81 buyers), Airwallex (80 buyers), Nium (67 buyers), Wise Platform (58 buyers), Stripe (49 buyers) and Convera (33 buyers).

Where is Ripple headquartered?

Ripple is founded in 2012 and headquartered in San Francisco, California, United States.

How much funding has Ripple raised?

Ripple has raised ~$800M (plus $500M 2024 round) in total.

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