Ribbit Capital Closes $100M Venture Capital Fund; Launches Inaugural Fund
with Four Initial Investments
Firm to focus on single, relentless mission of driving global innovation in
PALO ALTO, Calif. -- January 22, 2013
Let’s face it; the financial services industry is stuck in a time warp. Paying
bills online or trading stocks with the click of a mouse may have felt
revolutionary in the 1990s, but with innovation accelerating in countless
other industries, the reality is that consumers and businesses today are still
relying on financial tools and processes developed in a bygone era.
Ribbit Capital, a new Silicon Valley-based venture capital firm led by serial
entrepreneur Meyer “Micky” Malka,has set its sights on changing this by
raising a significant amount of venture funding that will be aimed singularly
at driving innovation around the world in lending, payments, insurance,
accounting, tax preparation and personal financial management. Ribbit targets
disruptive, early-stage companies that leverage technology to reimagine and
reinvent what financial services can be for people and businesses.
“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,” said
Micky Malka, founder of Ribbit Capital. “The technology to unlock this
innovation is in place, and there are entrepreneurs around the world with
groundbreaking ideas that have the potential to turn this industry on its
head. What’s lacking is the investment, will and expertise to develop and make
them reality. It is going to require focused investment to ignite this change,
and Ribbit is here to answer the call.”
Ribbit provides global entrepreneurs with both the financial and intellectual
resources to help them scale their businesses, accelerate growth and navigate
the inherent challenges in the complex and nuanced financial services
industry. The firm has already made four investments across several key
industry categories, including:
*borro: The fastest-growing personal asset lender worldwide, borro provides
“spot financing” to millions of high-net-worth individuals who want
no-delay liquidity for their fine arts, antiques, vintage cars and
jewelry. Based in the U.K. and recently expanded to the U.S., borro is a
creating a new “asset economy” by lending as much as $1 million per loan,
with speed, efficiency and privacy.
*Fuze Network: A U.S.-based payments technology company that provides
merchants and billers with radically simpler options for their customers
to find and make payments at over 17,000 banks and 100,000 retail
locations nationwide. The Company’s proprietary application programming
interface (API) breaks down the decades-old wall between cash and credit
cards, allowing consumers and businesses to push money to any card.
*ContaAzul: The leading provider of easy-to-use SaaS accounting and
invoicing solutions to SMBs in Brazil, the world’s fastest-growing small
business market. Since its founding in 2011, ContaAzul has helped
thousands of customers save time and focus their efforts and resources on
growing their businesses.
*Capital Access Networks (CAN): The U.S.’s largest non-bank lender to small
businesses, CAN is redefining small business owners’ ability to access the
funding they need to manage and grow their businesses. CAN has provided
small businesses access to $2.5 billion in working capital through its
subsidiaries CapTap, NewLogic Business Loans and AdvanceMe.
“I believe there are huge market opportunities in the financial services
industry, but, as an entrepreneur, have witnessed the difficulties of raising
capital in this sector,” Malka continued. “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
Ribbit was founded in 2012 by Malka, who is the fund’s sole General Partner.
Malka has started five financial services companies – his first at the age of
18 – in the U.S., Europe and Latin America. He lived through hyperinflation in
Venezuela and Brazil, where he witnessed more than half of the banks in his
home country fail. Malka was an early investor in, and currently serves on the
board of directors of Wonga, a company transforming the way consumers and
small businesses access credit in the U.K. and other countries. He also serves
on the boards of Peixe Urbano, the first and largest local Latin American
commerce website, and Banco Bracce, a merchant bank for mid-cap companies in
Ribbit’s investors include multinational Spanish banking group Banco Bilbao
Vizcaya Argentaria SA, Silicon Valley Bank, and a range of institutional
investors and high-net-worth clients from around the world.
About Ribbit Capital
Ribbit Capital is a venture capital firm that invests globally in unique
individuals and brands who are aiming to disrupt financial services.
Headquartered in Palo Alto, Ribbit believes the category is profoundly
under-innovated and is looking to support entrepreneurs who have already
launched the businesses of the future. For more information, please visit
Sard Verbinnen & Co
Paul Kranhold/Jenny Gore
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