SEC Filing Reveals Ribbit Capital’s Goal to Raise $420 Million Towards New Fund
Ribbit Capital is a venture capital firm that is located in the United States, and they include a wide range of cryptocurrency and blockchain projects that they have supported. Recently, they added a new venture to their goals, voicing their need for a $420 million fund, based on a report on September 12th.
This will be the fifth venture with Ribbit, though partners are limited at this time, despite being $120 million higher than last year. The company was first created in 2012, and even elicited the attention of Coinbase, Robinhood, Credit Karma, and Root Insurance. They have even invested in Andreessen Horowitz, Battery Ventures, and Cross River Bank, establishing a “sole link” between these types of companies.
Back in April, the UK saw the rise of a banking app called Revolut, which managed to host a Series C investment round that accrued a total of $250 million. The investment round was led by Ribbit Capital, DST Global, and Index Ventures. As a result of the investment round, the company was officially valued at $1.7 billion, which makes them something like a unicorn in the industry. A startup reaching over $1 billion is basically unheard of, but Revolut did it.
Robinhood raised $363 million in their series D funding round in February, following it with a series C round that made $110 million. After the rounds, Robinhood reached a new height in their company’s value, which was $5.6 billion. At this point, they are presently the second-most valuable startup in the fintech industry in the United States in its entirety.
Coinbase has been a leader in the industry for years, concerning crypto exchanges and wallet services. They also launched Coinbase Pro and opened the door for trading with four new crypto pairs on their exchange.