Ripple Prime, the institutional prime brokerage platform acquired by Ripple in 2025, has closed a $200 million debt facility from Neuberger Specialty Finance, the asset-based lending arm of global investment manager Neuberger Berman. The capital will directly increase the platform's lending and margin financing capabilities across both crypto and traditional markets.
Why Ripple Prime Needed This
Since the 2025 acquisition, Ripple Prime's revenue has tripled year over year, driven by institutional demand for cross-market margin financing that outpaced the platform's existing balance sheet. The $200 million facility solves this constraint: Ripple Prime can draw the full amount as client demand requires, extending financing to institutions operating simultaneously in crypto and traditional markets from a single counterparty.
What Makes This Deal Different
Most crypto lending facilities in 2026 are structured around pure digital asset collateral. Neuberger Specialty Finance backed Ripple Prime specifically because the platform bridges both worlds — serving institutional clients who need prime services across crypto and traditional finance simultaneously. Neuberger Private Markets manages over $155 billion in investor commitments globally across 17 offices, making its participation a strong validation of Ripple Prime's cross-market positioning.
The Revenue Story Behind the Raise
Revenue tripling since acquisition is the data point that makes this facility credible rather than speculative. Growth came from real, already-experienced demand: institutional clients increasing activity across both traditional and digital markets while seeking reliable counterparties with consistent access to capital at scale. The $200 million raise responds to demand the platform is already handling.
What Comes Next
The facility expands Ripple Prime's ability to onboard new institutional relationships and deepen financing capacity for existing clients. It positions the platform to compete directly with established prime brokers for mandates requiring cross-market capability — something most traditional prime brokers and most crypto-native platforms cannot yet offer from a single desk. For Ripple broadly, the deal adds another institutional infrastructure layer alongside its payments, custody, and stablecoin businesses, reinforcing its position as a full-service operator across the financial system rather than a single-product company.