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Ribbit Capital

Ribbit Management Company, LLC
Company typePrivate
IndustryVenture Capital
Founded2012; 13 years ago (2012)
FoundersMicky Malka
HeadquartersPalo Alto, California
AUMUS$12 billion (2024)
Number of employees
31 (2024)
Websiteribbitcap.com Edit this at Wikidata
Footnotes / references
[1]

Ribbit Capital (Ribbit) is an American investment firm based in San Francisco, California. The firm focuses on investments related to fintech. It is an early investor in Robinhood Markets and Bitcoin.

Background.

In 2012, Ribbit was founded in Silicon Valley by Micky Malka, an entrepreneur from Venezuela who had founded several financial services companies.[2][3][4][5] Ribbit means interest in Hebrew.[2]

Ribbit's began fundraising for its first fund in February 2012 and announced it was completed in January 2013. Investors included Banco Bilbao Vizcaya Argentaria and Silicon Valley Bank. The fund raised $100 million which would be invested in startups related to financial services across the globe. It was expected to invest in 12 to 15 companies primarily in Series A and B rounds.[2]

In 2013 after the first fund was raised, Ribbit Became an early proponent of cryptocurrencies, investing some of the money directly in Bitcoin as well as the exchange Coinbase.[6]

Ribbit grew rapidly and by 2015, it had secured $446 million from investors which was the fourth-largest amount raised among all US venture capital firms since 2012. Its investor based grew to include institutional investors such as Sequoia Capital and ICONIQ Capital and individuals such as David Lawee and Sheryl Sandberg. While the firm made lucrative investments such as Credit Karma, it had also missed out on others such as TransferWise.[4] Ribbit established a reputation as a venture capital firm in the world of fintech.[5]

Ribbit launched a Special-purpose acquisition company (SPAC) named Ribbit Leap that held its initial public offering (IPO) on the New York Stock Exchange in September 2020. However the SPAC was not able to find a merger partner and in August 2022 it was liquidated with Ribbit returning $403 million to investors. Scrutiny from the U.S. Securities and Exchange Commission was cited as one of the reasons for abandoning the merger search.[3][7]

In January 2021, Walmart announced it entered a partnership with Ribbit to create a new fintech startup to further expand its financial services offerings. It would be majority-owned by Walmart.[8] The startup is named One and in December 2024, it had a valuation of $2.5 billion after Walmart and Ribbit lead a $300 million funding round.[9]

Robinhood Markets is Ribbit's biggest investment to date where since 2014, it has invested over $500 million in the company. In February 2021. Ribbit led an emergency funding round of $3.4 billion for Robinhood Markets which was the largest since the company's inception in 2013. This came shortly after the GameStop short squeeze where Robinhood Markets needed cash urgently to put up collateral. The deal stated that Ribbit and other investors would be able convert the debt into equity at a discount to Robinhood Market's future IPO price.[3][6]

See also

References

  1. ^ "Form ADV" (PDF).
  2. ^ a b c "Ribbit Capital Leaps Into Financial Services With $100M Fund". Venture Capital Journal. March 1, 2013. Retrieved January 15, 2025.
  3. ^ a b c Russell, Melia (February 4, 2021). "Meet Ribbit, the dark-horse VC firm that saved Robinhood's hide by leading a $2.4 billion emergency funding round". Business Insider. Archived from the original on December 5, 2022. Retrieved January 15, 2025.
  4. ^ a b Sreeharsha, Vinod (September 10, 2015). "A Venezuelan in Silicon Valley Finds a Niche in Finance". The New York Times. ISSN 0362-4331. Retrieved January 15, 2025.
  5. ^ a b "Ribbit Capital Has X Factor In Fintech Investing". The Financial Technology Report. April 5, 2019. Archived from the original on April 24, 2024. Retrieved January 15, 2025.
  6. ^ a b Kruppa, Miles (February 12, 2021). "Ribbit came to Robinhood's rescue. Will its bet pay off?". Financial Times. Archived from the original on November 28, 2022. Retrieved January 15, 2025.
  7. ^ Wilson, Jim (August 3, 2022). "Ribbit Capital's SPAC is going to return $403M to investors after failing to find a merger partner". Silicon Valley Business Journal. Retrieved January 15, 2025.
  8. ^ Marchese, Adriano (January 12, 2021). "Walmart Creates Fintech Partnership With Ribbit Capital". Wall Street Journal. ISSN 0099-9660. Archived from the original on January 31, 2023. Retrieved January 15, 2025.
  9. ^ Natarajan, Sridhar (December 12, 2024). "Walmart's Fintech Races to $2.5 Billion Value in Omen for Banks". Bloomberg News. Retrieved January 15, 2025.
Quelle: http://en.wikipedia.org/wiki/Ribbit_Capital