Ripple, a Google-backed start-up that uses blockchain technology to settle financial transactions between some of the world's biggest banks, has raised $55 million.
The latest finance round involves Standard Chartered, Accenture Ventures, SCB Digital Ventures, the venture arm of Siam Commercial Bank, and Japan's SBI Holdings. Additional investors include Santander Innoventures, the venture units of CME Group and Seagate Technology, and Venture 51.
The latest funding round has brought some large strategic corporate partners onboard with its existing base of investors which include GV, Google's venture arm, Andressen Horowitz, IDG Capital Partners, and AME Cloud Ventures.
To date, the company has raised over $93 million in total funding.
Ripple's focus is on providing this technology to banks looking to make cross-border payments more efficient.
At the moment, an international payment may take a few days to make with a very high cost. Ripple said that its technology could give banks a 33 percent reduction in their operating costs during this process and allow lenders to move money "in seconds".