Ripple Bolsters Back-End Payment Infrastructure with Velocity Partnership

Ripple has joined forces with London-based Velocity to target the payment back end with an additional $10 million extension, bringing the total Series A funding to $48 million at a $200 million post-money valuation.

The fresh capital will be used to fund infrastructure connecting stablecoins to existing payment networks, settlement systems, and corporate treasury operations. This move follows a previous $38 million Series A announced in July, which was oversubscribed according to CEO Eric Queathem.

Vice versa, the company is targeting the layer connecting issuers, card networks, acquirers, and merchants, not the wallet consumers see. Stablecoin circulation has grown past $300 billion, with usage expanding from crypto-exchange dollar transfers into payments, cross-border transfers, and corporate treasury work.

Eric Queathem's framing draws directly on his time at Worldpay, which settles more than $2 trillion in annual payment volume. His diagnosis: consumer payments got faster and slicker over the past decade and a half, but the machinery behind them didn’t get any attention, with all capital focused on creating better front-end experiences for consumers.