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US digital payment firm raises $28m for Asia expansion

  • Holden Mann
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US-based online payment system developer Ripple Labs is looking to expand in Asia on the back of a $28 million Series A round provided by investors including IDG Capital Partners and AME Cloud Ventures.

Ripple's technology allows financial systems to be networked together for secure real-time value transfers. The company is positioning its system, which works across countries and currencies, as a faster and safer alternative to correspondent banking.

With significant participation by Chinese investors in this round, Ripple is hoping to leverage their expertise as it pitches its service to clients in Asia. Li Feng, a partner at IDG, will join Ripple's board of directors, according to a statement.

The company opened its first Asia Pacific office in Sydney last month. Ripple's technology is already being used by companies in Japan, China, India, and South Korea, and it has partnered with global payment network Earthport.

IDG is an active investor in online services. The firm committed $24 million to Hong Kong-based cloud computing venture Kingsoft in March, in addition to investing $3 million in Chinese weather data generator Bloomsky and leading a $52.5 million Series A round for NetDragon's online education unit Best Assistant with Vertex Venture.

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