Ripple emerges as fourth biggest fintech company globally, worth $10 billion

Ripple, the owner of the fourth most valuable crypto, has unsurprisingly emerged as the fourth largest fintech company around the world and presently valued at $10 billion, in a report credited to CB Insights.

What we know

The data showed only companies with a valuation of at least a billion dollars or better still, companies usually called a unicorn ($1 billion or more) and are backed by Venture capital firms.

• There are about 66 fintech brands valued at about $248 billion globally.
• American based startup, Ripple, presently has a valuation of $10 billion valuations, trailing behind Stripe, which recently acquired Nigerian fintech brand PayStack for $200 million, Chinese based Lufax, and India-based Paytm One97, which have a valuation of $36 billion, $39.4 billion, and $16 billion respectively.

READ: Ripple lets go 1,000,000,000 XRP valued at $240 million

What you should know

Its payment platform, RippleNet, comprises a network of institutional payment providers that include banks and payment providers using solutions developed by Ripple to provide a seamless experience to send money worldwide.

RippleNet uses a leverage cutting-edge blockchain technology in streamlining payments services that help in reducing costs.

It should also be added that On-Demand Liquidity (ODL), Ripple’s XRP-powered cross-border payments product is available in the US, Mexico, Europe, the Philippines, and Australia.

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• Banks using Ripple include Europe’s banking giant, HSBC Holdings Plc, with assets of about $2.5 trillion, which disclosed in 2019 that it would use the XRP payment solution.
• Japan Post Bank with assets of USD 1.9 trillion, Sumitomo Mitsui Financial Group, and Mizuho Financial Group with trillions of dollars in assets, also have a close relationship with Ripple Asia.
• Others in a relationship with Ripple include Banco Santander, Barclays PLC, Royal Bank of Canada, and Toronto-Dominion Bank.

READ: Why Ripple might be the future of digital payments