Ripple names Sendi Young as Managing Director of Europe

06/30/2021

Ripple has announced the appointment of former Mastercard executive Sendi Young as its new managing director for Europe, as the blockchain-powered payments network sees ODL transactions grow by 250%.

LONDON & SAN FRANCISCO, June 30, 2021 (BUSINESS WIRE) -- Ripple, the leading provider of enterprise blockchain and crypto solutions for cross-border payments, today announces the appointment of Sendi Young (pictured) as Managing Director of its European operations. In the midst of rapid scale, 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.

Ripple deepens leadership bench with powerhouse payments exec

With over fifteen years of experience in fintech, payments and consulting, Sendi joins Ripple following a five-year tenure at Mastercard, where she held leadership roles driving strategy, commercialisation, bank-fintech partnerships, and business development. Most recently, Sendi led the Fintech & Digital Segment globally for Mastercard's Data & Services business and grew services that helped banks adopt real-time payments, Open Banking and Artificial Intelligence. Sendi brings with her deep industry and regional expertise which will be used to develop and further drive customer success across Europe.

"Over the last decade, I've been at the forefront of innovation in financial services and witnessed how technology has dramatically changed how we bank and pay. However, the underlying payments and banking infrastructure remain an obstacle to frictionless value exchange across borders and inclusion. I firmly believe that blockchain and crypto will be a game-changer to enhance today's finance, by addressing its core inefficiencies," said Young. "These technologies can make the global financial system fairer, more inclusive and more transparent - this is just the beginning of what's possible and I'm excited to be joining such a talented and passionate team and a company that is at the forefront of this step-change."

"Sendi's appointment represents a huge opportunity for our European operations given her leadership experience, deep understanding of the payments landscape, and knowledge of how to grow and scale a network business," said Asheesh Birla, General Manager of RippleNet. "As adoption of crypto and blockchain grows, more financial institutions, payment service providers and small businesses are turning to trusted players in the space to prepare them for a crypto-enabled future. We're excited to bring on someone who understands and shares Ripple's vision."

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.

RippleNet leverages blockchain technology to help partners across a global network accelerate their business performance and scale. It delivers a superior end-customer experience, simplified network partnering, liquidity management solutions, lines of credit, and state-of-the-art infrastructure to enable real-time payments.

About Ripple

Ripple enables payments everywhere, every way, for everyone using the power of crypto and blockchain. By joining Ripple's growing, global network (RippleNet), financial institutions can process their customers' payments anywhere in the world instantly, reliably and cost-effectively. Banks and payment providers can use the digital asset XRP to further reduce their costs and access new markets. With offices in San Francisco, Washington D.C., New York, London, Mumbai, Singapore, São Paulo, Reykjavik and Dubai, Ripple has hundreds of customers around the world.