Late Wednesday afternoon, right before close of business for U.S. securities regulators, Palo Alto, California-based Ribbit Capital submitted paperwork to the SEC disclosing its intent to raise $420 million for its sixth flagship venture capital fund.
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The filing states that no capital has yet been raised, but it’s also common for investment firms to submit a Form D immediately prior to calling down capital from limited partners.
At $420 million, Fund VI would be equal in size to Fund V, for which Ribbit made its initial filing in September 2018.
The firm intends to raise the new fund from “qualified purchasers,” which are institutional funds and individuals with at least $5 million in deployed investment capital, exempting it from securities registration under Section 3(c)(7) of the Investment Company Act of 1940, as disclosed in the filing.
Ribbit Capital is managed by Meyer “Mickey” Malka. Originally hailing from Venezuela, Malka held founding and leadership roles at a number of financial institutions prior to founding Ribbit in 2012.
The firm invests across multiple sectors, but has a focus on financial technology and marketplace-oriented businesses. Its latest bets include lead investments in a $13.2 million seed round for India-based neobank Epifi (alongside co-lead Sequoia Capital), startup-focused San Francisco-based insurance company Vouch Insurance’s $24.5 million Series A and India-based credit card payment rewards company Cred’s $120 million Series B round (which was also co-led by Sequoia Capital and Gemini Investments).
Crunchbase data lists two exits for the firm so far. Ribbit was a participating investor in London-based lending platform Funding Circle’s later-stage rounds; Funding Circle went public on the London Stock Exchange in September 2018. Ribbit also invested in Cheddar’s Series D round, the last funding closed by the financial news company prior to its acquisition by Altice USA for $200 million.
Ribbit’s managing director Malka is also listed as the director of a seemingly new entity called Bullfrog Capital. Its filing, disclosing intent to raise $500 million from limited partners, was submitted to the SEC minutes before the filing for Ribbit Fund VI went through. No other information is known about the new fund or its strategy at this time.
Illustration: Li-Anne Dias