Ripple Prime secures $275 million to expand US brokerage business

Ripple Prime, Ripple’s non bank prime brokerage, has closed an upsized $275 million private placement of senior unsecured notes to support the expansion of its US business.

The offering attracted institutional investors across major financial markets, according to Ripple. Proceeds will support working capital and general corporate purposes as Ripple Prime expands its clearing, prime brokerage, and financing services. Piper Sandler served as lead placement agent for the transaction.

The notes received a BBB investment grade rating from KBRA, which had previously assigned the same rating to Ripple Prime as an issuer.

Ripple Prime President Noel Kimmel said the transaction gives the business an additional source of capital to invest in its team and technology as it expands its operations.