A certain venture firm best known for its positive fintech investments, Ribbit Capital, has just raised a whopping $1.15 billion in new capital. The massive amount of capital was raised during the closing of the company's seventh funding.
Ribbit Capital Raised $1.15 Billion in New Capital
Per a filing with the Securities and Exchange Commission or SEC of the United States, Ribbit Capital was able to raise a staggering $1.15 billion in new capital. In addition, the new fund is believed to be the final close of the funding for the company dubbed as the Ribbit Capital VII LP.
This particular amount is visibly much higher compared to the $750 million that the firm initially stated they would be raising in March 2021, according to a report by VentureCapitalJournal.
The funding also mored than doubled the initial $420 million that the venture firm had raised during its sixth fund, which had taken place in January 2020.
Ribbit Capital was Started in 2012
Ever since the firm started out in 2012, Ribbit Capital has been able to raise about $1.3 billion in capital, according to an article by Crunchbase.
Per the report, the company had invested, but is now seen exiting, some of the largest fintech companies of today. These include Nubank, Robinhood, Coinbase, and Affirm.
In addition to the recent fund, Meyer "Micky" Malka, Ribbit's managing partner, is currently listed as the director of a certain entity known as Bullfrog Capital LP. Per a 2020 filing that was associated with that particular Palo Alto-based venture capital firm, Bullfrog wanted to raise $500 million from limited partners.
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Ribbit's Investment in Latin America
Another new filing shows that the entity was actually able to successfully raise $1.15 billion as well. According to the story by TechCrunch, they reached out to Ribbit and Malka for comment but were not able to hear from them by the time the article was written.
2021 was known as a busy year for Ribbit, which was also able to make a number of investments in Latin America that has led to several done deals. An example of this is Justos, a startup that notes that it will be the very first insurance company in Brazil to make use of data whenever determining rates.
Investments Into Other Global Markets Including Indonesia
In October, Justos was able to raise $35.8 million during its Series A round of funding, which was actually led by Ribbit.
The firm has not only been active in Latin America and North America but also other places. In March 2021, the company led a $65 million extension for Ajaib, an Indonesian investment app.
As of press time, most of the notable investments made by Ribbit are into the fintech industry. Aside from tech companies, Ribbit has also made moves on apps and other tech-related companies.
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This article is owned by Tech Times
Written by Urian B.
