Series C investors including SBI have sold back their shares to the digital payment tool provider at a 50% premium, valuing it at $15bn.

US-based blockchain-driven money transfer platform Ripple has repurchased the shares it sold through its series C round from investors including financial services firm SBI at a $15bn valuation, it revealed on Tuesday.

The valuation is an increase from the $10bn figure touted for the $200m round, in 2019, which was led by investment firm Tetragon and also backed by Route 66 Ventures.

Ripple chief executive Brad Garlinghouse confirmed to Axios it paid over $300m in cash for the shares, though the investors had at one point suggested accepting the payment in the company’s XRP cryptocurrency.

Founded in 2012, Ripple operates an enterprise payment protocol called XRP that helps financial services firms provide fast and affordable transactions through blockchain technology.

The company has been trying to position the XRP tokens as an intermediate currency to assist banks and financial institutions in carrying out cross-border financial operations through its software.


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Edison Fu

Edison Fu is a reporter and Asia liaison at Global Corporate Venturing.