Ripple has secured a $200m (£147m) debt facility from funds managed by Neuberger Specialty Finance, the dedicated asset-based investment team within Neuberger, to increase its lending capacity.
The facility will support the continued growth of Ripple’s multi-asset prime brokerage platform, Ripple Prime, amid an increase in client demand for institutional-grade prime services and margin financing solutions. The facility enables Ripple Prime to draw up to $200m, providing flexibility as client needs evolve.
Proceeds will be used to extend financing to clients engaging in traditional and digital markets, increasing Ripple Prime’s lending capacity and enhancing its ability to serve new and existing institutional relationships.
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Ripple said its sustained growth in client activity and demand for its prime services and financing solutions had been driven by increased participation across traditional and digital markets as well as the need for reliable counterparties capable of delivering consistent access to capital at scale.
“Dependable access to financing and balance sheet strength are critical to institutional participants in today’s dynamic markets,” said Noel Kimmel, president of Ripple Prime.
“This facility enables us to grow alongside our clients by delivering increased margin capacity, greater responsiveness, and improved capital efficiency. Neuberger Specialty Finance has deep expertise in asset-based finance and a strong understanding of our business model, and its support reflects the differentiated prime services platform we have built and the many growth opportunities available to us.”
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