Ribbit Capital, a venture firm best known for its fintech investments, has raised $1.15 billion in new capital in what appears to be a close of its seventh fund, according to a filing with the U.S. Securities and Exchange Commission (SEC).
The new fund, dubbed Ribbit Capital VII LP, is believed to be the final close of the fund. The amount is significantly higher than the $750 million the firm was said to be raising in March of 2021. It is also more than double the $420 million it raised in its sixth fund in January of 2020.
Since its 2012 inception, Ribbit Capital had previously raised about $1.3 billion in capital, according to Crunchbase. It has invested (and seen exits) in what are some of the world’s largest fintechs today, including Coinbase, Nubank, Affirm and Robinhood.
In addition to this fund, Ribbit’s managing partner Meyer "Micky" Malka is listed as director of an entity called Bullfrog Capital LP. According to a 2020 filing associated with that Palo Alto-based venture capital firm, Bullfrog intended to raise $500 million from limited partners. A new filing indicates that the entity actually ended up raising $1.15 billion as well.
TechCrunch reached out to Ribbit and Malka for comment but had not heard back at the time of writing.
2021 was a busy year for Ribbit, which also made a number of investments in Latin America, even leading several deals in the region. For example, Justos, a startup that says it will be the first insurance company in Brazil to use data when determining rates, in October raised a $35.8 million Series A round of funding led by Ribbit.