Ripple, a San Francisco-based blockchain payments company, has raised $55m in a fresh round of funding from a host of major financials, and announced a series of partnerships with major global banking groups.
The startup, backed by Google, raised fresh funds from Standard Chartered, Accenture Ventures, SCB Digital Ventures, the venture arm of Siam Commercial Bank, and SBI Holdings.
The company said it plans to use the funds to accelerate its customer growth, pursue strategic partnerships and grow the team internationally.
Ripple CEO & co-founder Chris Larsen said: “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. We’re thrilled to have these world-class investors joining forces with us to help make this vision a reality.”
The start-up, which is currently working with 15 of the top 50 global banks including UBS and Santander, has raised over $93m in total funding till date.
Also, the company also announced addition of Standard Chartered, National Australia Bank, Mizuho Financial Group, BMO Financial Group, Siam Commercial Bank and Shanghai Huarui Bank to its global network.
These banks will leverage Ripple’s distributed financial technology to improve cross-border payments.
Larsen added: “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.”