Ribbit Capital raises $500 million for new fintech fund

Ribbit Capital is working to raise $500 million for a new investment fund. This information comes from a recent filing with the U.S. Securities and Exchange Commission. The new fund, named Ribbit Capital Y, continues the firm's trend of investing in fintech companies. This follows a successful year in 2023, when Ribbit raised $800 million for its previous fund, Ribbit Capital X. The firm has a strong history of investing in major fintech startups such as Nubank, Affirm, and Robinhood. Ribbit Capital is based in Palo Alto and has also supported fintechs in emerging markets, especially in India, with investments in companies like CRED and RazorPay. In addition to these, Ribbit has invested in several cryptocurrency firms, including Coinbase and Uniswap. While Ribbit's recent funds are smaller than previous ones, such as the $1.15 billion raised in 2022, the firm remains active. Since 2012, it has completed 243 investments and led 90 of them. Just this week, Ribbit Capital led a $23.6 million round for enterprise blockchain startup Crossmint. The new fundraise suggests that the fintech industry is recovering. Other positive indicators include the upcoming IPO of Klarna and rising company valuations for Ramp and Stripe after a successful IPO by ServiceTitan in December. Ribbit Capital has not yet commented on its new fundraising efforts.