Ribbit Capital, a major investor in fintech startups including cryptocurrency and blockchain ventures, is seeking to raise $350 million for a “blank check” company that would make acquisitions.
Unlike traditional publicly traded companies, where major acquisitions are subject to shareholder approval, a SPAC asks for wide latitude to make purchases (hence the term “blank check”).
JPMorgan Chase is the sole bookrunner for the initial public offering (IPO) of stock.
The underwriter has the option to issue as much as 15% more shares than planned, which would bring total proceeds to $402.5 million.
The prospectus mentions cryptocurrency only twice in passing, in passages that describe Ribbit Capital’s range of investments, which also include companies in mainstream financial services and technology sectors.
Ribbit Capital is a founding member of the Libra Association… In the blockchain space, the investment firm led a seed round for Bobby Lee’s Ballet crypto wallet startup in 2019. It has also invested in Coinbase, Revolut, Robinhood, Xapo, Chainalysis, Figure Technologies and CRB Group (parent company of crypto-friendly Cross River Bank).
Other Ribbit Capital portfolio companies include Affirm, Brex, Coalition, CreditKarma, MercadoLibre, Next Insurance, Nubank, Root, Sea Limited, Upgrade and Zillow.
While it’s unclear how much Ribbit Leap will focus on crypto or blockchain acquisitions, the filing comes at a time of renewed exuberance in the sector…