Ripple raises $275 million to fund prime brokerage expansion

Ripple has raised $275 million through an upsized senior note offering by Ripple Prime to fund the brokerage unit’s expansion across financing, clearing, and other financial services in the United States. Summary Ripple Prime raised $275 million through a private offering of senior unsecured notes to institutional investors. The proceeds will support Ripple’s U.S. expansion across prime brokerage, financing, and multi-asset clearing. The funding follows a $200 million credit facility secured from Neuberger Berman managed funds in May. Ripple built its prime brokerage business through its $1.25 billion acquisition of Hidden Road. Ripple said Tuesday that the senior unsecured notes were issued through Ripple Prime, its non-bank prime brokerage unit, in a private placement that drew participation from institutional investors across financial markets. Proceeds from the offering will support Ripple Prime as the company adds capacity across its financing, clearing and brokerage operations in the United States. Ripple did not disclose the maturity, coupon, or identities of investors participating in the placement. Ripple Prime President Noel Kimmel said investor participation represented ...