Ribbit Capital, a enterprise agency recognized for its fintech investments, is elevating $500 million for a brand new fund, a submitting with the U.S. Securities and Alternate Fee (SEC) revealed on Wednesday.
The brand new capital seems to be part of the Palo Alto-based enterprise agency’s newest 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 enterprise agency has invested in (and exited) among the world’s largest fintech startups, together with Nubank, Affirm, and Robinhood. Along with backing North American startups, the agency has invested in fintechs throughout rising markets, together with these in India, equivalent to CRED, Fi, Groww, RazorPay, and PhonePe, amongst others. It additionally invested in crypto-focused corporations together with the likes of Coinbase, CoinSwitch, and Uniswap.
Curiously, Ribbit Capital’s latest funds are considerably smaller than the $1.15 billion car it raised in 2022. That adopted a busy yr for the agency, which closed offers even in markets like Latin America to capitalize on the worldwide 2021 VC growth.
Nonetheless, since its inception in 2012, Ribbit Capital has backed 243 investments and led 90 of them, per the main points available on Crunchbase. Enterprise blockchain startup Crossmint’s $23.6 million round was the newest led by Ribbit Capital earlier this week.
The agency additionally exited 24 of its investments, per Crunchbase.
The fundraise is yet one more sign that the once-beleaguered fintech space is again on the upswing. Different indicators embrace the deliberate IPO of worldwide purchase 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 very good omen for different fintechs.
Ribbit Capital didn’t reply to a request for remark.