Ripple is a real-time gross settlement system, currency exchange and remittance network created by Ripple Labs Inc., a US based technology company.
Ripple provides global financial settlement solutions to enable the world to exchange value like it already exchanges information – giving rise to an Internet of Value (IoV).
Ripple was founded in 2012 by Chris Larsen, and Arthur Britto. The company is based in San Francisco, California with offices in New York, London, Mumbai, Sao Paulo and Sydney.
Ripple connects banks and payment providers via RippleNet to provide one frictionless experience for sending and receiving money globally.
Ripple is used by companies such as UniCredit, UBS and Santander, it has been increasingly adopted by banks and payment networks as settlement infrastructure technology, with American Banker explaining that "from banks' perspective, distributed ledgers like the Ripple system have a number of advantages over cryptocurrencies like Bitcoin.
Ripple's website describes the open-source protocol as "basic infrastructure technology for interbank transactions – a neutral utility for financial institutions and systems." The protocol allows banks and non-bank financial services companies to incorporate the Ripple protocol into their own systems, and therefore allow their customers to use the service.
Ripple is backed by top tier investors includeing SBI Holdings, Tetragon, Route 66 Ventures, IDG Capital Partners, Core Innovation Capital, Santander InnoVentures and others. The company raised $200M in a Series C financing on Dec 20, 2019. This new round brings Ripple's total funding to $293.6M to date.
Ripple has acheived a gigantic $10B valuation from it's Series C round on Dec 20, 2019. Which makes the company as one of the most valuable fintech in the world. Ripple has also . acqired SimpleHoney on Apr 03 2013. The company has also made 5 investments totaling $45M+ to date.