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- Ripple
Ripple Revenue, Valuation, Funding & Investors
Ripple is valued at $50B as of March 2026.
Last Ripple valuation
$50B
Secondary · Mar 2026
Last Ripple funding round
$500M
Undisclosed stage · Nov 2025
Ripple revenue
$1.2B
Undisclosed stage · Nov 2025
Key investors in Ripple
IDG Capital
SBI Investment
Digital Currency Group
Pantera Capital
Core Innovation Capital
Route 66 Ventures
About Ripple
Ripple is a San Francisco-headquartered blockchain company powering cross-border payments through the XRP Ledger. Its On-Demand Liquidity service settles transactions in 3-5 seconds for 100+ financial institutions including Santander, Standard Chartered, and SBI Holdings. Founded in 2012, Ripple processes $30 billion quarterly volume with software adopted by MoneyGram.
Founded
2012
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Usage-based
Revenue
$1.2B (Nov 2025)
Valuation
$50B (Mar 2026)
Ripple Valuation
Ripple is currently valued at $50B, based on its secondary sale in March 2026.
Ripple's valuation has grown 122x from $410M at its Series B in September 2016 to $50B in March 2026, across 5 priced rounds.
Ripple valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Mar 2026 | Secondary | $50B | - |
| Nov 2025 | Undisclosed stage | $40B | 33.3x |
| Jan 2024 | Secondary | $22B | - |
| Dec 2019 | Series C | $10B | - |
| Sep 2016 | Series B | $410M | - |
Ripple Revenue
Ripple's latest recorded revenue is $1.2B, as of its undisclosed-stage round in November 2025. At a $40B valuation, that implies a 33.3x revenue multiple.
Ripple revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Nov 2025 | $1.2B | $40B | 33.3x | Undisclosed stage |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Ripple Funding History
Ripple has raised a total of $794M across 9 funding rounds, plus 2 secondary share sales.
Ripple's first fundraising round was a $2M angel round in April 2013. The most recent completed round was a $500M undisclosed-stage round in November 2025.
Ripple funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Mar 2026 | Secondary | - | $750M | $50B | Ripple initiated a $750 million secondary share buyback program via a tender offer that ran through April, which formally valued the private blockchain company at $50 billion. This figure represents a 25% increase from its previous $40 billion valuation from November 2025. |
| Nov 2025 | Undisclosed stage | Brevan Howard Asset Management (lead); Fortress Investment Group (lead); Galaxy Digital (lead); Marshall Wace (lead); Nol Card balance check (lead); Pantera Capital | $500M | $40B | - |
| Jan 2024 | Secondary | - | - | $22B | Sapien exited its Ripple private-share exposure in 2024 at a reported USD 22 billion company valuation. The purchaser, transaction date and proceeds to Sapien were not disclosed, so the event is recorded as an undisclosed-buyer secondary exit. |
| Dec 2019 | Series C | Tetragon Financial Group (lead); SBI Investment; Bit.co; Route 66 Ventures; Bossa Invest | $200M | $10B | Ripple, a blockchain company focused on cross-border payments using its XRP cryptocurrency and XRP Ledger, raised $200 million in its Series C funding round on December 20, 2019. The round was led by Tetragon Financial Group with participation from SBI Holdings (also referred to as SBI Investment), Route 66 Ventures, and Bossa Invest (also Bossanova Investimentos), valuing the company at $10 billion post-money. Ripple announced the funds would expedite hiring, open overseas offices, and promote XRP adoption among financial institutions, positioning it as one of Silicon Valley's most valuable private startups at the time. Ripple's CEO Brad Garlinghouse highlighted the company's strong financial position and accelerated momentum in 2019 amid a slowing blockchain sector. The firm reported working with over 300 partners globally and 900% year-over-year growth in network transactions. It funded operations partly through XRP sales, generating $260 million in the prior year. XRP price rose 3-4% on the funding news, though it was down significantly year-to-date. Tetragon invested approximately $150 million in Ripple's Series C preferred stock. Later developments included Ripple repurchasing Series C shares, including from Tetragon, at a $15 billion valuation after a successful year, with the company reporting cash flow positivity, $1 billion in cash, and a strong balance sheet despite SEC litigation. One source lists a slightly lower $9.8 billion valuation, but consensus across primary reports is $10 billion. |
| May 2017 | Strategic investment | - | $200K | - | - |
| Sep 2016 | Series B | SBI Investment (lead) | $55M | $410M | Ripple, a blockchain-based payment protocol company founded in 2012, raised $55 million in its Series B funding round in September 2016 led by SBI Investment to expand cross-border payment solutions and digital asset custody services. This round matched the user-specified details including investor and approximate date of 15/09/2016. While most sources like Clay explicitly state the valuation was not publicly disclosed, Equitybee reports a $355 million valuation for this specific Series B. No sources provide revenue, ARR, or EBITDA figures for Ripple near the 2016 round date; searches for revenue returned no matching data using required terms like revenue or ARR. Valuation multiples such as EV/Revenue are not stated in any results for this round. SBI Holdings maintains a longstanding strategic relationship with Ripple dating back to 2012, including investments in 2016 and the 2019 Series C ($200M at $10B valuation), and holds approximately 9% equity in Ripple Labs as of recent estimates. Later rounds include a 2019 Series C at $10B valuation and 2025 funding implying $40B valuation, but these post-date the queried 2016 round. |
| Oct 2015 | Series A | Mouro Capital (lead); CME Ventures; Ruttenberg Gordon Investments; Knight Enterprise Fund; Seagate | $4M | - | - |
| May 2015 | Series A | IDG Capital (lead); Nurzhas Makishev; Thirdstream Partners; CME Ventures; Avant Global LLC; RRE Ventures; Core Innovation Capital; Digital Currency Group; Blockchain Capital; AME Cloud Ventures; Route 66 Ventures; Seagate | $28M | - | Ripple Labs, a digital currency and distributed payments technology company supporting the Ripple protocol, closed a $28 million Series A funding round on May 19, 2015, led by IDG Capital Partners with participation from CME Group's venture arm, Seagate Technology's venture arm, AME Cloud Ventures, ChinaRock Capital Management, China Growth Capital, Wicklow Capital, and others including Blockchain Capital, Core Innovation Capital, Route 66 Ventures, and RRE Ventures. The round followed prior seed funding totaling around $9 million in 2013 from investors like IDG Capital, Google, Andreessen Horowitz, and Lightspeed Venture Partners, bringing total funding to approximately $37 million at that point. The funding aimed to expand Ripple's global presence, particularly in Asia and China, to accelerate adoption among financial institutions, market makers, and corporations for real-time, secure cross-border payments using digital currency tokens exchanged for fiat. Ripple positions itself as infrastructure for an 'Internet of Value,' modernizing legacy payments systems to enable instantaneous, low-cost fund transfers akin to information flow on the web, targeting banks, multinational firms, and corporate treasury use cases. Investors highlighted Ripple's potential to transform global settlement, reduce transfer costs, enhance transparency, and support liquidity in payments and financial markets. Strategic backers like CME Group and Seagate underscored its relevance to trading and data-intensive operations, while IDG Capital partner Li Feng joined the board to aid Asia growth. The investor mix reflected fintech, crypto, and traditional finance interest amid a trend of larger 2015 crypto deals like those for Coinbase and Circle. |
| Nov 2013 | Seed | Core Innovation Capital (lead); Camp One Ventures; IDG Capital; Hinge Capital | $4M | - | Ripple Labs raised $3.5 million in a seed funding round in November 2013 with new investors including Core Innovation Capital, Venture 51, and Camp One Ventures. This round brought total funding to $9 million at that point, following prior backing from Google Ventures and Andreessen Horowitz. Core Innovation Capital participated as a lead investor in this early-stage round focused on distributed payments technology. The company aimed to enable real-time, secure settlement of funds using its Ripple protocol for banks and multinational companies. |
| May 2013 | Seed | Pantera Capital; Camp One Ventures; GV; IDG Capital; Tim Kendall | $1M | - | - |
| Apr 2013 | Angel | Digital Currency Group; All Blue Capital; Pathfinder; Vast Ventures; Andreessen Horowitz; Lightspeed Venture Partners | $2M | - | - |
Who has invested in Ripple?
34 investors have backed Ripple across its funding rounds, including IDG Capital, SBI Investment, Digital Currency Group, Pantera Capital, Core Innovation Capital and Route 66 Ventures.
Lead investors include Brevan Howard Asset Management, Fortress Investment Group, Galaxy Digital, Marshall Wace, Nol Card balance check and 5 other investors.
Ripple Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Lead | May 2013 | ||
| 2 | Participant | May 2015 | ||
| 2 | Participant | May 2013 | ||
| 2 | Participant | May 2013 | ||
| 2 | Lead | Nov 2013 | ||
| 2 | Participant | Apr 2013 | ||
| 2 | Lead | Sep 2016 | ||
| 2 | Participant | May 2015 | ||
| 2 | Participant | May 2015 | ||
| 1 | Participant | May 2015 | ||
| 1 | Lead | Nov 2025 | ||
| 1 | Participant | May 2015 | ||
| 1 | Lead | Nov 2025 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Ripple
Ripple has acquired 7 companies to date.
Last acquisition by Ripple was on November 3rd 2025. Ripple acquired Palisade for undisclosed valuation.
Latest Acquisitions by Ripple
| Description | Palisade is a digital asset custody provider offering secure, compliant governance solutions to support businesses in the digital economy. | GTreasury is a treasury management platform connecting banks and ERPs for liquidity management, cash forecasting, payments, risk analysis, and netting. Chicago-headquartered with offices in London, Geneva, Dublin, Sydney, Singapore, and Manila, it supports operations across 160 countries through GSmart AI enhancements and rapid implementations. | Rail is a New York-headquartered fintech platform delivering stablecoin-based payment infrastructure for international businesses. The company issues USDC-backed payment rails supporting instant settlements in 100 countries with compliance under NYDFS BitLicense. Rail provides API-accessible services including virtual accounts, yield-bearing custody, and lending against crypto collateral. Launched in 2022, it processes billions in transaction volume for e-commerce merchants and Web3 protocols. | Hidden Road is a London-headquartered prime brokerage and clearing network for institutional investors. The platform provides cross-margining across equities, fixed income, FX, and digital assets like Bitcoin and Ethereum. Hidden Road serves hedge funds and market makers with low-latency execution and custody solutions. Founded in 2018, the firm processes billions in daily volume from New York and Singapore offices. | |
| HQ Country | |||||
| HQ City | London | Chicago, IL | Toronto | London | |
| Deal Date | 3 Nov 2025 | 16 Oct 2025 | 7 Aug 2025 | 8 Apr 2025 | |
| Valuation | undisclosed | $1B | $200M | $1.3B | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
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Investments by Ripple
Ripple has invested in 32 companies to date.
Latest investment by Ripple was on August 2nd 2026. Ripple invested in LiCuido in their Strategic investment round.
Latest Investments by Ripple
| Description | LiCuido is a fintech firm that supplies tools to convert conventional funds into digital tokens and update legacy financial operations. | ZILO is a London-based financial technology firm delivering cloud-native solutions for data integrity, automation, and scalability in banking. Its platform modernizes legacy systems for tier-1 institutions, handling transactions with AI-driven compliance checks. Backed by 150 professionals, ZILO supports clients across Europe in payments processing and risk management. Founded in 2019, it operates data centers in the UK and EU for high-availability services. | Notabene is a New York-headquartered regtech platform ensuring crypto firms comply with the Travel Rule for transaction monitoring. Its API and dashboard manage VASPs data sharing, supporting over 500 counterparties globally. Founded in 2019, Notabene processes billions in volume for exchanges like Binance and Kraken. | Velocity is a blockchain payments platform that unifies fund transfers between traditional banks and 20+ blockchains including Ethereum and Solana. Headquartered in San Francisco, it offers APIs for wallets, exchanges, and DeFi protocols to enable cross-chain settlements in under 60 seconds. The platform supports $500 million in monthly volume and integrates with custodians like Fireblocks for institutional compliance. | |
| HQ Country | |||||
| HQ City | London | London | New York City, NY | New York City, NY | |
| Deal Date | 2 Aug 2026 | 2 Aug 2026 | 22 Jul 2026 | 13 Jul 2026 | |
| Round | Strategic investment | Strategic investment | Strategic investment | Series A | |
| Raised | undisclosed | undisclosed | undisclosed | $38M | |
| Investors | - | - | - | Wintermute Ventures; Dragonfly; FirstMark; Coinbase Ventures; QED Investors; Capital One Ventures; Activant Capital | |
| Valuation | undisclosed | undisclosed | undisclosed | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
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Ripple Competitors
Ripple competitors include listed companies like Circle, Block, Coinbase and PayPal, and private ones like OKX and Kraken.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $2.7B | ($73M) | $22B | 6.8x | ||
| Publicly listed | $24B | $2.2B | $46B | 1.6x | ||
| Publicly listed | $7.2B | $1.8B | $46B | 7.6x | ||
| Publicly listed | $33B | $7.2B | $45B | 1.4x | ||
| Private | $1.9B | - | $25B | 13.2x | ||
| Private | $2.2B | $531M | $21B | 9.5x |
Ripple Public Comps
Ripple is still privately-owned, but its public comps include Strategy, Block, Coinbase, PayPal, Fiserv, Circle, Kaspi.kz, BitMine, Nexi and American Express.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $477M | ($5.4B) | 149.4x | 144.4x | (13.1x) | (12.3x) | |||
| $24B | $2.2B | 1.7x | 1.6x | 18.6x | 9.4x | |||
| $7.2B | $1.8B | 6.1x | 7.6x | 24.2x | 27.2x | |||
| $33B | $7.2B | 1.4x | 1.4x | 6.6x | 6.9x | |||
| $21B | $8.9B | 2.5x | 2.8x | 6.1x | 6.4x | |||
| $2.7B | ($73M) | 7.2x | 6.8x | (273.4x) | 29.6x | |||
| $9B | $3.2B | 2.0x | 2.0x | 5.9x | 5.3x | |||
| $6M | ($364M) | 2308.9x | 97.4x | (38.6x) | - | |||
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Common questions about Ripple
| When was Ripple founded? | Ripple was founded in 2012. |
| Where is Ripple headquartered? | Ripple is headquartered in San Francisco, CA, United States. |
| Is Ripple publicly listed? | No, Ripple is a private, VC-backed company. |
| What is Ripple's valuation? | Ripple was last valued at $50B in its secondary sale in March 2026. |
| How much funding has Ripple raised? | Ripple has raised $794M across 9 funding rounds. |
| What was Ripple's last funding round? | Ripple's last funding round was a $500M undisclosed-stage round in November 2025, led by Brevan Howard Asset Management, Fortress Investment Group, Galaxy Digital, Marshall Wace and 1 other investor. |
| Who are Ripple's investors? | Ripple's investors include IDG Capital, CME Ventures, Pantera Capital, Camp One Ventures, Core Innovation Capital, Digital Currency Group, SBI Investment, Route 66 Ventures, Seagate, Nurzhas Makishev and 24 others. |
| What is Ripple's revenue? | Ripple's latest recorded revenue is $1.2B (November 2025). |
| What is Ripple's revenue multiple? | Ripple's latest valuation implies a 33.3x revenue multiple ($40B valuation on $1.2B of revenue). |
| Which companies are comparable to Ripple? | Companies comparable to Ripple include Circle, Block, Coinbase, PayPal, OKX and Kraken. |
| How many companies has Ripple acquired? | Ripple has acquired 7 companies, including Palisade, GTreasury, Rail, Hidden Road and Standard Custody & Trust. |
| What was the largest acquisition by Ripple? | The $1.3B acquisition of Hidden Road in April 2025 is the largest acquisition Ripple has made to date. |
| How many companies has Ripple invested in? | Ripple has invested in 32 companies, including LiCuido, ZILO, Notabene, Velocity, Flutterwave, Squid, Keyrock and Tazapay. |
| What was Ripple's last investment? | In August 2026, Ripple invested in LiCuido's strategic investment round. |
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