Ribbit Capital, a venture firm known for its fintech investments, is raising $500 million for a new fund, a filing with the U.S. Securities and Exchange Commission (SEC) revealed on Wednesday.
The new capital appears to be a part of the Palo Alto-based venture firm’s latest flagship fund, titled Ribbit Capital Y, the SEC filing suggests.
In 2023, Ribbit Capital raised $800 million, reportedly for its tenth flagship fund, Ribbit Capital X.
The venture firm has invested in (and exited) some of the world’s biggest fintech startups, including Nubank, Affirm, and Robinhood. In addition to backing North American startups, the firm has invested in fintechs across emerging markets, including those in India, such as CRED, Fi, Groww, Razorpay, and PhonePe, among others. It also invested in crypto-focused companies including the likes of Coinbase, CoinSwitch, and Uniswap.
Interestingly, Ribbit Capital’s recent funds are significantly smaller than the $1.15 billion vehicle it raised in 2022. That followed a busy year for the firm, which closed deals even in markets like Latin America to capitalize on the global 2021 VC boom.
Nevertheless, since its inception in 2012, Ribbit Capital has backed 243 investments and led 90 of them, per the details available on Crunchbase. Crypto wallet infrastructure startup Privy’s $15 million round was the latest led by Ribbit Capital this week.
The firm also exited 24 of its investments, per Crunchbase.
The fundraise is yet another signal that the once-beleaguered fintech area is back on the upswing. Other signs include the planned IPO of international buy now, pay later darling Klarna and the rise in valuations of Ramp and Stripe. This after ServiceTitan had a blockbuster IPO in December that was a good omen for other fintechs.
Ribbit Capital did not respond to a request for comment.
