On Monday, Ripple announced a significant milestone in its growth trajectory by securing a $200 million debt facility from Neuberger Specialty Finance, a firm specializing in high-yield credit solutions. This financing aims to bolster the expansion of Ripple Prime, the company’s multi-asset prime brokerage platform, as it responds to a surge in client demand for institutional-grade prime services and margin financing solutions.
Ripple Prime, established following Ripple’s acquisition of Hidden Road for approximately $1.2 billion last year, serves as the clearing and intermediation arm for exchange-traded derivatives (ETD) and related financing activities. The firm has reported impressive performance metrics, with Ripple Prime’s revenue tripling year-over-year.
According to an official statement, this new facility provides Ripple Prime with the capacity to draw down up to $200 million, enhancing its flexibility to meet evolving client requirements. The proceeds from this financing will be directed towards extending financing options for clients engaged in both traditional and digital markets.
By leveraging this new capital, Ripple Prime anticipates an increase in its lending capabilities, which will strengthen its support for existing institutional clients while fostering new relationships.
Noel Kimmel, President of Ripple Prime, emphasized the critical importance of access to financing and strong balance sheets for institutional participants navigating volatile and fast-moving markets. He noted that this facility is designed to help the company grow in tandem with its clients by expanding margin capacity, improving responsiveness, and enhancing capital efficiency.
Kimmel also acknowledged Neuberger Specialty Finance’s expertise in asset-based financing, stating that the lender’s support underscores the robust prime services platform Ripple Prime has developed and its plentiful growth opportunities.
Insights from Neuberger and Kroll
Peter Sterling, Head of Neuberger Specialty Finance, remarked that the facility aligns with Neuberger’s strategy of collaborating with market-leading platforms. He characterized Ripple Prime as a business operating at the intersection of traditional and emerging markets, merging fintech-grade technology and agility with bank-level compliance and operational rigor.
This announcement follows earlier credit rating activity, where Kroll assigned Ripple Prime an inaugural investment-grade issuer rating of “BBB” in April. Kroll’s analysis indicated that the company is in a scaling phase, highlighting the ETD platform set to launch in 2024 and Ripple Prime’s growing fixed-income repo activities. These activities reportedly achieved meaningful scale in 2025, focusing on short-duration US Treasuries (T-Bills) and agency securities.
As of the latest updates, Ripple’s associated cryptocurrency, XRP, was valued at $1.47, reflecting an 8% increase over the past month. This uptick comes amid a broader surge in the cryptocurrency market, driven by Bitcoin’s recent climb above $82,000.
