Ribbit Capital, a venture capital firm known for its investments in cryptocurrency and blockchain-based projects, is aiming to raise $420 million for its latest fund, according to a recent filing with the Securities and Exchange Commission (SEC).
According to the SEC filing, which is dated September 12, 2018, the Palo Alto, California-based company is seeking to raise $420 million through a pooled investment fund offering that is expected to last no more than one year.
This fund would be the fifth such venture for Ribbit and marks a “nominal increase” from the $300 million that the company raised for its fourth fund last year.
Ribbit Capital was founded in 2012 by Venezuela-born serial entrepreneur and General Partner Meyer (Micky) Malka. Since then, the company has invested in businesses and projects in ten different countries, and many of those businesses have gone on to provide financial services to people “in nearly every major city on earth.”
Ribbit’s mantra states, in part:
Consumers everywhere are waiting expectantly – and often with mounting frustration – for financial services providers to finally bring them true efficiency, transparency, and radical simplicity. The next generation of consumers has about as much patience for Big Finance as they do for Big Anything.
Driven by this, we will help create and nurture a thriving, bustling new world in lending, personal finance, insurance, financial software, bitcoin, and more.
And driven, they have been. Ribbit’s portfolio includes several multi-billion dollar heavy hitters like the no-fee mobile crypto and stock investment platform Robinhood, cryptocurrency exchange and wallet provider Coinbase, digital banking alternative Revolut, and financial services provider Credit Karma.
Along with Andreessen Horowitz and Battery Ventures, Ribbit also invested in Cross River Bank – a financial services organization that TechCrunch describes as being the “sole link” between many US fintech companies and regulated financial institutions.
Do you think that we will see more crypto and blockchain focused investment funds in the future? What projects do you think Ribbit might invest in with this new injection of capital? Let us know in the comments below.
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