24 February 2018
visit www.ebaday.com

Ribbit Capital raises $100m for financial innovation fund

23 January 2013  |  5939 views  |  0 cash

Ribbit Capital, a new Silicon Valley-based venture capital fund focused purely on investing in innovative, tech-led financial services firms, has launched after closing its own $100 million fund.

Ribbit argues that the financial services industry is "stuck in a timewarp" with little innovation seen since the rise of online banking and trading in the 1990s, leaving consumers and businesses relying on money tools and processes developed in a bygone era.

Led by Meyer Malka - an entrepreneur who helped found mobile wallet firm Lemon and is on the board of controversial UK payday lender Wonga - the firm will look to put money into early-stage firms working in lending, payments, insurance, accounting tax preparation and personal finance management.

Says Malka: "Banks have proven to be difficult environments for innovation to flourish, resulting in an antiquated financial services industry that remains relatively untouched by the technology-driven evolution transforming other markets ranging from social media sharing to professional enterprise services."

Investments have already been made in four firms: spot financing outfit borro, payments tech firm Fuze Network, accounting and invoicing specialist ContaAzul, and small business lender Capital Access Networks.

"Ribbit strives not only to disrupt existing financial services, but to create significant value in an industry that has been otherwise untouched by an entire generation of technology and the thinking that drives it while promoting economic growth and global development," argues Malka.

Ribbit's own investors include Banco Bilbao Vizcaya Argentaria, Silicon Valley Bank, and a range of institutional investors. Malka is the new fund's sole general partner.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Retail banks increase innovation spending despite tough economy

Retail banks increase innovation spending despite tough economy

13 November 2012  |  10912 views  |  0 comments | 24 tweets | 13 linkedin
Fintech start-ups urged to pitch for London innovation programme

Fintech start-ups urged to pitch for London innovation programme

24 September 2012  |  8505 views  |  0 comments

Related blogs

Create a blog about this story (membership required)
Register for the webinarvisit www.nextgenbanking.co.ukVisit www.vasco.com

Top topics

Most viewed Most shared
Ripple makes new connections to emerging marketsRipple makes new connections to emerging m...
11586 views comments | 16 tweets | 10 linkedin
hands typing furiouslySome Interesting Applications Of The Inter...
10266 views 3 | 9 tweets | 1 linkedin
Basel Committee outlines disruptive fintech scenariosBasel Committee outlines disruptive fintec...
8379 views comments | 15 tweets | 26 linkedin
Investment Association sets up fintech accelerator for asset managersInvestment Association sets up fintech acc...
7935 views comments | 19 tweets | 10 linkedin
R3 creates Legal Centre of Excellence for blockchain technolgyR3 creates Legal Centre of Excellence for...
7650 views comments | 10 tweets | 14 linkedin

Featured job

Basic c. EUR 90K OTE c. EUR 180K plus full bene...
Paris (preferred) or London

Find your next job