Ribbit Capital Closes $100M Venture Capital Fund
By Samuel Kwon
Jan 22, 2013 02:42 PM EST
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Jan 22, 2013 02:42 PM EST
Ribbit Capital, a new Silicon Valley-based venture capital firm, 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:
"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 development."
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