Ripple Labs received a total of USD3.5 million in funding from Core Innovation Capital, Camp One Ventures, Venture 51, IDG Capital Partners, and other unnamed investors. This was according to a report published by Payments Source.

The latest funding came after a series of seed rounds from Google Ventures, IDG Capital Partners, Lightspeed Venture Partners, Andreessen Horowitz, FF Angel, Vast Ventures, and The Bitcoin Opportunity Fund. This was according to a November 12 press release by Ripple Labs.

Ripple Labs is a payment and open currency startup based in San Franciso. The company's Ripple network handles payments in any currency. This would include bitcoins, dollars, and beer. Ripple provides type of payment services including merchant payments, remittances, and money transfers from one currency to another. The company says its exchange system is fast and reliable.

The payment startup said it will use the new round of funding to continue developing consumer tools that would enhance its Ripple system, Payments Source reported.