Ripple Prime Secures $275M Investment-Grade Funding for US Expansion

Ripple Prime, the non-bank prime brokerage arm of Ripple, has secured $275 million in funding through a private placement of senior unsecured notes. The deal was led by Piper Sandler & Co. and carries an investment-grade BBB rating from KBRA.

The notes mature in 2031 with an 8.25% coupon and were upsized from their original planned size due to stronger-than-expected demand. According to Ripple Prime, the proceeds will fund working capital and general corporate purposes tied to its U.S. expansion, including team and technology growth.

Noel Kimmel, President of Ripple Prime, stated that the raise is a testament to the strength of their business today and confidence in their long-term vision for the intersection of traditional and digital asset financial infrastructure.