Today, Ripple is thrilled to announce the appointment of Sendi Young as Managing Director of its European operations. In the midst of rapid growth, Sendi will oversee strategy and champion the expansion of Ripple’s global financial network technology, RippleNet, which delivers financial solutions that enable customers to easily run and scale their business.
My first tweet in years is a good one…after 15+ years in traditional FIs, I’ve joined industry leader @Ripple as MD of Europe! Making the jump to crypto was a no-brainer – this tech is driving the future of finance, and I’m excited to get started. https://t.co/aRVwnMIgI1
— Sendi Young (@sendiyoung) June 30, 2021
RippleNet Continues to Scale in Europe with 250% ODL Transaction Growth
Europe is a critical market for Ripple and has experienced tremendous transaction and customer growth. A quarter of Ripple’s current customers are based in Europe, and year to date, European On-Demand Liquidity (ODL) transactions grew by 250% in comparison to 2020, making up over 40% of all ODL transactions year to date.
Europe continues to be a leader in fintech and payment origination, and therefore a critical market for Ripple. Countries like the UK who have provided clear regulatory guidelines on digital assets are leading the charge in payments innovation, and providing new opportunities for regional growth. Europe has also adopted open banking regulations supporting the acceleration of fintech adoption in the region.
Europe continues to provide strong momentum for RippleNet, for both new and existing customers:
- UK-based payments company and new RippleNet customer Paydek partnered with Ripple to deliver real-time cross-border payments into Africa to meet the demands of its customers working in the global gig economy.
- Xbaht, a remittance company based in Sweden, is using RippleNet to send cross-border payments into Thailand. Since launching, Xbaht has migrated the majority of its flows to RippleNet to send its payments instantly, reliably and cost-effectively.
- Lemonway, which provides payment solutions for online marketplaces, turned to RippleNet to address challenges it faced in managing finances as well as delays with payouts and settlement. Providing instant payouts gave them a competitive advantage over their peers and as such, they’ve continued to scale operations with RippleNet, experiencing more than 400% volume growth since launching in 2020.
- Long-standing customer MoneyNetint, which has previously focused on clearing capabilities for EUR and USD for international financial institutions, continues to launch new corridors with RippleNet, most recently to serve remitters sending payments to Brazil from the UK and the EU.