He is best known for his ten years tenure as Minister for Finance, during which he introduced many liberal economic reforms and fought for issues such as free trade and state owned railways.

[4] However, Gripenstedt's plans for a civilian career promptly changed and in 1828 he left the university for the Royal War Academy in Stockholm.

After completing his education at the Royal War Academy, Gripenstedt became a Second Lieutenant at the Göta Artillery Regiment in Gothenburg, in 1831.

As opposed to the conservative group of the parliament, Gripenstedt was a strong adherent of free elections and general suffrage long before this was realized in Sweden.

As a trustee of Carl Henrik Anckarswärd, and later as the owner of estates such as Nynäs Castle in Södermanland, Gripenstedt became a successful entrepreneur within the grain exports and iron industry.

In 1848 Gripenstedt was selected, to many's surprise, by King Oscar I to serve as Minister without Portfolio (Swedish: konsultativt statsråd) in his cabinet.

The post was first offered to the conservative Jacob Nils Tersmeden, who declined, and King Oscar wanted to rejuvenate his cabinet why he selected Gripenstedt instead.

As the Danish-German conflict over the Schleswig-Holstein Question grew more tense, Gripenstedt and then Prime Minister for Justice Louis De Geer (also a devoted liberal) stopped King Charles' plan for Swedish military support[8] in the upcoming war.

Following his retirement as Minister for Finance on 4 July 1866,[9] Gripenstedt served as a member of the lower house of the new bicameral parliament from 1867 to 1873.