Ribbit Capital, a venture firm recognized for its investments in fintech, 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) disclosed on Wednesday.
The new funds appear to be for the Palo Alto-based firm’s latest flagship fund, referred to as Ribbit Capital Y, as suggested by the SEC filing.
Earlier in 2023, Ribbit Capital secured $800 million, reportedly for its tenth flagship fund, named Ribbit Capital X.
The venture firm has invested in and exited some of the largest fintech startups globally, including Nubank, Affirm, and Robinhood. The firm has also supported fintech companies across emerging markets, such as those in India, including CRED, Fi, Groww, RazorPay, and PhonePe. Additionally, Ribbit Capital has invested in crypto-focused companies like Coinbase, CoinSwitch, and Uniswap.
Ribbit Capital’s recent funds are notably smaller than the $1.15 billion fund it raised in 2022. That larger fund followed a period of considerable activity for the firm, which completed deals in regions including Latin America to leverage the global venture capital boom of 2021.
Since its creation in 2012, Ribbit Capital has supported 243 investments, leading 90 of them, according to information from Crunchbase. The latest investment led by Ribbit Capital was a $23.6 million funding round for the enterprise blockchain startup Crossmint earlier this week.
Furthermore, Ribbit Capital has exited 24 of its investments, based on Crunchbase data.
The fundraising effort signals a revival of the previously struggling fintech sector. Other indicators of this resurgence include the planned IPO of the buy now pay later company Klarna and rising valuations of companies like Ramp and Stripe, following ServiceTitan’s significant IPO in December.
Ribbit Capital did not respond to requests for comment.
