Ripple is building a loan offer, a company spokesman has confirmed to The Block.
The company would provide working capital loans to RippleNet customers, and Ripple is currently hiring a director of product management for its credit division.
“We are expanding our offering to include loans to further support our clients with their working capital needs – something we know is a major pain point for many of them,” the spokesman said.
Working capital loans are usually sought by small and medium-sized companies to finance their day-to-day business operations.
Ripple’s loan product will work in conjunction with its On-Demand Liquidity (ODL) payment solution, which uses XRP, the spokesman told The Block.
“The offer is still in the initial phase, but we have received positive feedback from several customers. Global payments remain at the heart of our business and we look forward to finding new ways to serve our existing and potential RippleNet customers, ”they added.
Specific details of the product are still unclear at this point as it is still in its infancy. Ripple is looking for someone to bring the loan product to market “from concept to launch,” according to the open director position. We are looking for someone with “strong leadership qualities” because they need to work “strong” with internal teams and customers.
Ripple’s move to hire a loan product manager comes months after $ 200 million was raised on the Series C in December.
2017 mention
It’s worth noting that Miguel Vias, who recently left Ripple as the former head of XRP markets, mentioned the company’s loan plans back in 2017.
In an interview at the time, Vias said:
“One of my longer term goals after building the ecosystem, after going through the payments there as I try to merge the two worlds, digital asset markets and traditional capital markets. One of the levers we can pull will be lending. “
Ripple has over 300 customers and “more than two dozen” customers in the total base use the ODL solution to process cross-border payments. ODL customers include the money transfer companies MoneyGram, Viamericas and FlashFX, the online workforce platform goLance and the financial service provider Interbank Peru.
The ODL solution currently supports the markets of Mexico, the Philippines and Australia. Ripple recently said that support for Brazil is “coming soon,” as well as additional corridors in Asia Pacific (APAC), Europe, the Middle East and Africa (EMEA) and Latin America (LatAm) are in the works for this year.
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