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Ribbit Capital has closed a new $100 million investment fund, the venture firm announced today.
Ribbit will focus its investments on startups that are building financial services related to lending, payments, insurance, accounting, tax preparation, personal financial management, and more.
The fund will invest about $2 million to $15 million into early-stage, disruptive financial services. Ribbit plans to invest in 15 services over the lifetime of the new fund, according to the firm.
“Banks have proven to be difficult environments for innovation to flourish, resulting in an antiquated financial services industry that remains relatively untouched by the technology-driven evolution transforming other markets ranging from social media sharing to professional enterprise services,” said Ribbit Capital founder Meyer “Micky” Malka in a statement. “The technology to unlock this innovation is in place, and there are entrepreneurs around the world with groundbreaking ideas that have the potential to turn this industry on its head. What’s lacking is the investment, will and expertise to develop and make them reality.”
The firm has already invested in four financial startups, including personal assets lender Borro, U.S.-based payments company Fuze Networks, Brazil-based SaaS accounting and invoicing service ContaAzul, and U.S.-based non-bank lender service Capital Access Networks (CAN).
Founded in 2012, the Palo Alto, Calif.-based venture capital firm’s founder is the sole general partner of the new fund. Ribbit Capital’s investors include multinational Spanish banking group Banco Bilbao Vizcaya Argentaria SA, Silicon Valley Bank, and others.
Money photo via adirekjob/Shutterstock
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