Payment company Ripple hassecured $200 million in debt financingthe company announced on Monday that it will acquire Neuberger Specialty Finance to expand its institutional prime brokerage platform, as demand for professional-grade digital asset services continues to rise.
This financing, provided by a fund managed by Neuberger Specialty Finance, the asset investment division of global investment management firm Neuberger, will be used for Ripple Prime, the company’s multi-asset prime brokerage service, which stems from the company’s...acquisition of Secret Path2025.
Since the acquisition, the platform has grown rapidly, with revenue tripling year-over-year, primarily driven by increasing institutional investor participation in both traditional and digital markets. Noel Kimmel, President of Ripple Prime, said the acquisition will enable the platform to scale as client demand grows.
“In today’s rapidly changing market, reliable financing channels and a strong balance sheet are critical for institutional investors,” Kimmel said in a statement. “This initiative enables us to grow alongside our clients by enhancing margin capacity, improving responsiveness, and increasing capital efficiency.”
This mechanism enables Ripple Prime to withdraw up to $200 million in response to changing client needs, with the proceeds used to finance clients operating in both traditional and digital markets.
Peter Sterling, head of Neuberger Specialty Finance, stated in a statement: "Ripple Prime has created an innovative brokerage platform that combines fintech-level technology and flexibility with bank-grade compliance and operational rigor. This partnership reflects our commitment to collaborating with market-leading platforms and underscores Ripple Prime’s unique position at the intersection of traditional and emerging markets."
XRPThe cryptocurrency asset upon which Ripple's services rely is currently up approximately 2%, trading at $1.46. Over the past month, as the broader cryptocurrency market rebounded, XRP has risen by 8.5%.