Ripple Labs, a San Francisco, CA-based developer of distributed payments technology and supporters of the Ripple protocol, closed a $28m Series A funding.
Backers included IDG Capital Partners, the venture arms of CME Group and global data storage company Seagate Technology, Jerry Yang’s AME Cloud Ventures, ChinaRock Capital Management, China Growth Capital, and Wicklow Capital, the investment vehicle for Dan Tierney and Stephen Schuler, co-founders of GETCO (now KCG), Bitcoin Opportunity Corp., Core Innovation Capital, Route 66 Ventures, RRE Ventures, Vast Ventures, and Venture 51. In conjunction with the funding, Li Feng, partner at IDG Capital Partners, early investors in Baidu, Tencent, Xiaomi and CreditEase, also join Ripple Labs’ Board of Directors.
The company intends to use the funds to continue to grow its presence internationally.
Led by CEO and co-founder Chris Larsen, Ripple Labs is a developer of distributed payments technology and supporter of the adoption of Ripple, an Internet protocol that interconnects disparate financial systems to power the transfer of funds in any currency in real time. It can be used by banks, money transmitters and clearing houses as an alternative to correspondent banking to facilitate straight-through processing with no reserve funding required.
Building on traction in Europe and the U.S. with Earthport, Fidor Bank, Cross River Bank and CBW Bank announcing Ripple integrations, Chinese investors with local expertise in fintech and market making will now help the company drive Ripple adoption in Asia.