About Ripstone

Ripstone is a highly successful UK games company launched in 2011 and based in Liverpool’s Knowledge Quarter. It has a track record of creating and publishing popular games, particularly computer versions of classic games such as chess, pool, and poker.

It also develops games based on its own proprietary IP. In 2023, it worked with streaming platform Netflix to publish a games version of the hugely popular Netflix series, The Queen’s Gambit.

The Challenge

Ripstone was looking for funding to help support the development of a number of key projects, including the development of new IP as well as other projects based on classic games.

The company started as a publisher, working on its own ideas, and then became a developer/publisher, also working on games based on other people’s IP (like The Queen’s Gambit). It has now refocused on creating its own game ideas as well as its own technology.

Leo Cubbin, co-founder and Managing Director of Ripstone, says: “We want to make the best games we can with a small team. Our hugely creative and capable developers enjoy working on completely new content, so we tend to have a few projects on the go at once, including at least one that is creating new IP.”

The Solution

The NatWest High Growth IP-backed loan was launched in January 2024 in partnership with IP evaluation experts Inngot. IP-rich scaleup SMEs can borrow as little as £250,000, up to a ceiling of £10m. Loans are secured against up to 50% of the value of the firm’s qualifying intangible assets, as determined by Inngot’s sophisticated IP identification and valuation toolkit.

The IP-backed loan targets growth companies which are rich in intangible assets, but have few tangible assets, making it difficult or even impossible for them to get traditional lending from banks. Software, patents, copyrights, trademarks, registered designs and other intangibles can be valued and used as collateral.

Amy Wall, Ripstone’s Finance Director, says: “We have a great relationship with the NatWest Group – we bank with the Royal Bank of Scotland, and we had used Lombard Finance’s IP asset backed product previously. The Lombard deal was very successful, and we had paid it back in full. So when we heard about the NatWest High Growth IP-backed loan, we were obviously interested.”

Ripstone had previously received funding from RBS which allowed it to buy its HQ building; so the bank knew the company well, and more importantly understood the business cycle for games companies. Amy adds: “Our Relationship Manager, James Shelley, has been great.

He’s really supportive. It feels like an old school bank manager-client relationship, not a faceless online one. He really understands our business, including the fact that developing and publishing new games involves a period of investment before you start generating revenue. The bank recognises that games don’t pay back overnight!”

She explains: “In the games industry, there’s a heavy reliance on every launch. That creates a cyclical effect. Having this IP-backed loan fills a hole for us and smooths things over – it means we can keep working on new IP to drive future earnings. So a key benefit for us of the new IP-backed loan is the ability to take a one year capital repayment holiday, which is really helpful given the way the games industry works.”

Amy had few problems navigating her way through Inngot’s online IP identification and valuation platform – the biggest one was how to record the money the company receives in Creative Industries Tax Relief; “but Inngot gave us very good support and helped us work it out.” She also appreciated the fact that Inngot was a third-party independent voice: “Having Inngot, as an IP specialist, alongside helps both the lender and the borrower understand the real value of the IP involved.”

James Shelley, Senior Relationship Manager at NatWest, said: “Games are a serious business for Liverpool’s economy – employing lots of people in very good jobs that provide growth to the area. However, typical loans do not always meet the funding needs of games developers, which may lack tangible assets like bricks and mortar, but more than make up for that with valuable IP.

“As a bank we want to support innovative firms like Ripstone to grow and our aim is always to enable them to leverage the ideas that really drive their success. This solution has the potential to be game changing for the industry, enabling developers to use their valuable IP to secure lending. We look forward to continuing to support Ripstone as they expand their tech capabilities and continue to lead in an increasingly competitive market.”

The Result

£600,000 IP loan approved by NatWest

Ripstone successfully negotiated a £600,000 finance package from NatWest using its IP as collateral, and will be using the funding to support the development of a range of new games projects.

We have a great relationship with the NatWest Group – we bank with the Royal Bank of Scotland, and we had used Lombard Finance’s IP asset backed product previously. The Lombard deal was very successful, and we had paid it back in full. So when we heard about the NatWest High Growth IP-backed loan, we were obviously interested.

Amy Wall - Finance Director

Over the past five years, I’ve had the privilege of supporting Ripstone through the dynamic and ever-evolving gaming industry. The challenges have been considerable—ranging from rapid technological advances to the growing consumer demand for innovation in game development. However, Ripstone has consistently demonstrated a commitment to reinvesting in its creative vision. The new facility marks a pivotal milestone, not only providing cutting-edge infrastructure but also offering a strategic advantage for future growth, unlocking new funding opportunities through the Bank's new IP loan facility, based on the value of their assets. Looking ahead, I’m excited for what the future holds for Ripstone. In recognition of their ongoing journey, my colleague Angela Moretta, a technology specialist, will offer additional support to Ripstone as they embrace new opportunities and continue to lead in an increasingly competitive market.

James Shelley - NatWest Relationship Manager