02-15-2020 icon

Ripple Ranked Second Largest Fintech Firm in the US

By calvin
ripple securities

Big Investments and Partnerships

Digital token issuer and payment facilitator, Ripple finds itself one spot behind Stripe as the second biggest Fintech startup in America. In its climb to the top, the $10 billion organization has invested $500 million in crypto startups as well as established forces like MoneyGram.

The blockchain remittance company earned itself a spot on the list through key partnerships and funding events. It was able to raise $200 million in a Series C funding round in December. The increased funding spells good news not only for its investors but also 300 of its institutional clients.

Ripple Expansion in the US and Beyond

In 2019, $500 million of XRP was sold and used for expansion as investments were made, allowing for 10% of its cross-border transactions to be sent to Mexico. The organization has been able to make investments through its fundraising arm, Xpring. 

Ripple made the following sales through the year:

Q1: $169.42 million

Q2: $251.51 million

Q3: $66.24 million

Q4: $13.08 million

Ripple also made its way to the Forbes Fintech 50.  Ethereum powerhouse, MakerDao also made the list. 6 out of 50 of Forbes’ top Fintech companies for 2020 are in blockchain. All of the organizations are private companies with operations or customers in the U.S.

According to Forbes,

“A couple things all our Fintech 50 2020 picks have in common: they’re private companies with operations or customers in the U.S., and they’re making it easier, faster and cheaper to use financial services,”

Recently, Ripple was able to establish another lucrative agreement as it signed a contract with the oldest and largest bank in Egypt, National Bank of Egypt. The deal sees the Fintech firm create new channels for the bank’s international payments. With more partnerships on the way, the organization could find itself taking the number one spot in good time.

Ripple XRP $920 If Tim Draper Billionaire Is Right