Ripple ODL Sees 1,729% Growth in Cross-border Transaction Volume with Tranglo

The Edge Singapore recently published a report capturing the staggering volume of transactions Ripple facilitated through its On-Demand Liquidity (ODL) partner Tranglo.

According to the report, Tranglo enabled small and medium enterprises (SMEs) to process nearly $1 billion via Ripple’s ODL. 

In particular, it mentioned that ODL transactions increased from $53 million two years ago to $970 million last year. The gap in the ODL-processed transaction within that period implies a 1,729% growth. 

The well-known XRP influencer Crypto Eri took to X to share the development with the XRP community.

According to Malysian Media Group @theedgemalaysia @Tranglo {#XRP} ODL increased more than 1,700%

ODL transactions went from US$53 million in 2021 to US$970 million in 2022.https://t.co/9xAjfzopfe pic.twitter.com/BsTt7A2DW8

— ?Crypto Eri ?Carpe Diem (@sentosumosaba) September 20, 2023

Tranglo Payment Growth

Notably, the report captured how the Ripple partner moved from a Malaysia-based cross-border payment firm to a global remittance provider. It highlighted that Tranglo became a global contender through its people-centric approach.

The group CEO of Tranglo, Jacky Lee, elaborated on the key principles that underscore the firm’s strategy. According to Lee, Tranglo’s journey began by addressing the specific needs of individuals and aligning its services with their demands.

Specifically, Lee cited catering to the needs of people seeking international airtime top-up services. In his words:

“Foreign workers needed them for their loved ones back home, so we filled the gap to stabilize supply. In 2015, we pivoted to cross-border payments, again prioritizing people’s need for more affordable remittances.”

Also, Lee mentioned that its strategy included empowering a formidable workforce and forging strategic alliances. In a recent tweet, Tranglo expressed gratitude for the partnership with Ripple, as it is pivotal in its success story.

“Since 2008, the company has enjoyed a 20% y-o-y increase in partnerships.”

Thanks to close collaborations with @Ripple and many others along the years, we’re global ???

Read the full article over at @readtheedge_sg https://t.co/oBZuWiiB9V

— Tranglo (@Tranglo) September 18, 2023

Furthermore, the report highlighted that Tranglo’s people-centered approach proved a thriving strategy. It mentioned that the strategy enabled the firm to expand rapidly despite challenges like the 2015 oil crash.

Moreover, it disclosed that many businesses, ranging from startups to international giants like Wise, Payoneer, and Alipay, relied on the Ripple partner’s payment service daily for transactions in 70 countries.

Besides, the report cited that while Tranglo processed $1.3 billion in 2018, the figure more than doubled within four years to $3.3 billion. Interestingly, the trend of exponential growth has continued into 2023, as Tranglo has already processed $2 billion in H1 2023.