Ribbit Capital, a prominent venture firm recognized for its fintech investments, is in the process of raising $500 million for a new fund, according to a filing with the U.S. Securities and Exchange Commission (SEC) on Wednesday.
The new fund, named Ribbit Capital Y, appears to be part of the firm’s ongoing efforts to raise capital for its latest flagship venture. In 2023, Ribbit Capital raised $800 million for its tenth flagship fund, Ribbit Capital X.
The firm has made significant investments in some of the world’s most notable fintech startups, including Nubank, Affirm, and Robinhood. Beyond North American startups, Ribbit has also backed fintech companies in emerging markets such as India, where it invested in companies like CRED, Fi, Groww, Razorpay, and PhonePe. In addition to its fintech focus, Ribbit Capital has also invested in crypto companies like Coinbase, CoinSwitch, and Uniswap.
While Ribbit Capital’s recent funds are smaller than the $1.15 billion fund raised in 2022, it continues to make waves in the industry. The firm, which was founded in 2012, has backed 243 investments, leading 90 of them, according to Crunchbase. This week, it led a $15 million round for the crypto wallet infrastructure startup Privy.
The fundraise signals a resurgence in the fintech sector, which has seen a comeback after facing challenges in previous years. Notable developments include the upcoming IPO of buy-now-pay-later company Klarna, the rise in valuations for fintech firms like Ramp and Stripe, and the successful IPO of ServiceTitan in December, all of which point to a positive outlook for the industry.
