US-based venture capital firm Ribbit Capital, whose portfolio includes notable cryptocurrency and blockchain projects, is aiming to raise $420 M for its latest fund, according to a Securities and Exchange Commission filing dated September 12. The fund would be Ribbit’s fifth venture vehicle and its $420 M target is only a nominal increase from the $300 M it raised for its fourth fund last year.
Ribbit launched its first fund in 2012, targeting $90 M, when the latest financial technology investment boom was just getting started. Ribbit’s portfolio is marked by cooperation with industry leaders such as cryptocurrency exchange Coinbase, zero-fee stock and crypto trading platform Robinhood, finance company Credit Karma, and automotive insurance platform Root Insurance. According to market sources, Coinbase alone is now worth at least $8 Bn on paper and Robinhood is close to a $6 Bn valuation. In April, UK-based alternative banking app Revolut raised $250 M in a Series C investment round led by Ribbit Capital, along with two other venture capital firms, DST Global and Index Ventures. Along with Andreessen Horowitz and Battery Ventures, Ribbit also made an investment in Cross River Bank, a financial services institution.
