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The founders of <keyword id="6414960" type="General" weightage="20" keywordseo="zestmoney" source="Orion">ZestMoney</keyword>, India's digital EMI financing platform, have reportedly resigned as the Goldman Sachs-backed fintech startup has failed to raise fresh capital. According to a TechCrunch report, its founders <keyword id="6632662" type="General" weightage="50" keywordseo="lizzie-chapman" source="Orion">Lizzie Chapman</keyword>, <keyword id="291941" type="General" weightage="50" keywordseo="priya-sharma" source="Orion">Priya Sharma</keyword> and Ashish Anantharaman informed employees about their decision via an email. "Over the last few weeks, we have done a lot of thinking and it has been hard for us to arrive at this conclusion. We have immense belief and faith in the potential that ZestMoney has," the founders wrote. "We will also ensure to provide full support to the incoming management team and do everything we can to support them for the next 4 months to ensure a smooth transition," they added. Chapman said that she and other founders remain shareholders in ZestMoney. The founder's decision came after a potential deal to acquire ZestMoney by leading fintech company PhonePe fell through recently. ZestMoney was valued at $445 million last year and has raised over $130 million from a range of investors, like <keyword id="2126501" type="General" weightage="50" keywordseo="ribbit-capital" source="Orion">Ribbit Capital</keyword>, Omidyar Network, PayU, Xiaomi and Alteria Capital, among others. Last month, Bengaluru-based ZestMoney laid off about 20 per cent of its workforce, which impacted nearly 100 employees. The company last year had a network of merchants with more than 10,000 online partners and 75,000 physical stores. It reported a registered user base of 17 million and was live at 85,000 retail touch-points across the country. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/how-to-track-and-block-your-lost-smartphones-using-the-sanchar-saathi-portal/articleshow/100242116.cms">How to track and block your lost smartphones using the Sanchar Saathi portal</a> <a href="https://www.businessinsider.in/tech/news/8-things-that-google-bard-can-do-but-chatgpt-cannot/articleshow/100187360.cms">8 things that Google Bard can do, but ChatGPT cannot</a> <a href="https://www.businessinsider.in/tech/apps/news/how-to-silence-fake-calls-from-unknown-numbers-on-whatsapp/articleshow/100186824.cms">How to silence calls from unknown numbers on WhatsApp</a>

ZestMoney founders quit as fintech startup fails to raise capital

<ul class="summary-list"><li><keyword id="1268253" type="PERSON" weightage="60" keywordseo="Robinhood">Robinhood</keyword> tumbled 15% on Thursday after major shareholders filed to sell 98 million shares, Bloomberg reported.</li><li>Sellers included <keyword id="508487" type="PERSON" weightage="60" keywordseo="Andreessen-Horowitz">Andreessen Horowitz</keyword> affiliates, New Enterprise Associates, and <keyword id="2126501" type="PERSON" weightage="60" keywordseo="Ribbit-Capital">Ribbit Capital</keyword>.</li><li>The downturn comes after Robinhood staged a two-day rally, soaring as much as 126% on Tuesday and Wednesday.</li></ul>Shares of <a href="https://markets.businessinsider.com/stocks/hood-stock?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Robinhood</a> tumbled 15% on Thursday after major shareholders filed to sell 98 million shares, taking the wind out of a massive two-day rally less than a week since the popular trading app made its Nasdaq debut.Shareholders included Andreessen Horowitz affiliates, New Enterprise Associates, and Ribbit Capital, according to the <a href="https://www.sec.gov/Archives/edgar/data/1783879/000162828021015656/robinhoodresales-1.htm" target="_blank" rel="noopener">company's S-1 filing</a>, first reported by <a href="https://www.bloomberg.com/news/articles/2021-08-05/robhinhood-tumbles-as-holders-file-to-sell-98-million-shares">Bloomberg</a>. .The downturn came after Robinhood staged a two-day rally of as much as <a href="https://markets.businessinsider.com/news/stocks/robinhood-stock-price-social-media-mentions-reddit-wall-street-bets-2021-8?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">126%</a> on Tuesday and Wednesday. At one point on Wednesday, the stock traded as high as $85 per share, prompting at least three trading halts.Around 176 million shares were traded on Wednesday, which Neil Campling, head of research at Mirabaud, called "remarkable" given the company's float is just 55 million shares."We have no view on the stock for now," he said in a note. "As with other similar situations, we prefer to wait for the liquidity to normalise and the dust to settle and then see things like double/triple tops and so on."The frenzied buying this week, including by Cathie Wood's Ark Invest, follows a tepid debut on July 29 with shares falling as much as <a href="https://markets.businessinsider.com/news/stocks/robinhood-stock-price-first-trades-volatile-ipo-trading-debut-hood-2021-7?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">12%</a> in their first day of trading.

Robinhood sinks as shareholders file to sell 98 million shares, taking the wind out of massive 2-day rally

<ul class="summary-list"><li><keyword id="80487" type="COMPANY" weightage="60" keywordseo="walmart">Walmart</keyword> announced it will launch a <keyword id="2461546" type="PERSON" weightage="60" keywordseo="FinTech">fintech</keyword> <keyword id="138263" type="PERSON" weightage="60" keywordseo="startup">startup</keyword>.</li><li>The company is partnering with investment firm Ribbit.</li></ul>Walmart announced the formation of a new fintech startup, along with <keyword id="2126501" type="PERSON" weightage="60" keywordseo="Ribbit-Capital">Ribbit Capital</keyword> the company announced Monday.The <keyword id="6354851" type="UNKNOWN" weightage="100" keywordseo="retail">retail</keyword> giant shared that it will create affordable financial products for customers and employees, although Walmart did not say the name of the new startup or when it will launch. The majority of the startup will be owned by Walmart, with several Walmart executives on the board, with plans to add industry experts. Walmart also said that the company will likely grow through partnerships ans acquisitions with other fintech companies.Read more: <a href="https://www.businessinsider.com/walmart-lowes-employers-pbgh-haven-healthcare-stealth-venture-2021-1?r=mm-sub">A group backed by huge employers like Walmart, Lowe's, and Microsoft is working on a new initiative to lower healthcare costs</a>Customers have "made it clear they want more from us in the financial services arena," president and CEO of Walmart US John Furner said in a statement. Walmart already offers some financial services, which it says will continue, like the Walmart CapitalOne credit card, the prepaid Walmart MoneyCard, and even <a href="https://www.businessinsider.com/reviews/out?u=https%3A%2F%2Fwww.walmart.com%2Fcp%2Fcheck-cashing%2F632047">cashing checks in stores.</a>"Walmart's newly-announced fintech joint venture with Ribbit Capital will provide myriad growth opportunities, with the leveraging of its massive customer base at the center of the initiative," Moody's Vice-President and Senior Credit Officer Charlie O'Shea, said in a note to investors. "Walmart has been slowly and tactically expanding its financial service offerings to its customers, and measured expansion of these capabilities makes sense as it will deepen these all-important customer relationships."Walmart is in a comfortable position, despite the pandemic. In November, the retailer <a href="https://www.businessinsider.com/walmart-losing-lower-income-shoppers-as-stimulus-dries-up-2020-11#:~:text=On%20Tuesday%2C%20Walmart%20reported%20total,analysts'%20expectations%20of%20%24132.2%20billion.">reported $134.7 billion</a> in sales, up over 5% year over year.

Walmart is launching a mysterious new fintech startup with Ribbit

Bengaluru-based neo-banking startup <keyword id="8555470" type="UNKNOWN" weightage="20" keywordseo="EpiFi">Epifi</keyword> on Monday said it has raised USD 13.2 million (around Rs 93.4 crore) in a seed funding round led by <keyword id="563136" type="ORGANIZATION" weightage="20" keywordseo="Sequoia-India">Sequoia India</keyword> and <keyword id="2126501" type="PERSON" weightage="20" keywordseo="Ribbit-Capital">Ribbit Capital</keyword>. The company said it will utilise the funds to build its core technology platform, drive sales as well as marketing initiatives and expand its technology team. The seed funding round that was led by Sequoia India and Ribbit Capital also saw participation from Hillhouse Capital and angel investors, including David Velez, the founder of Nubank, and Kunal Shah, Founder and CEO, CRED, the statement said.
 Seed money, sometimes known as seed funding or seed capital, is a form of securities offering in which an investor invests capital in a startup company in exchange for an equity stake or convertible note stake in the company.
 Founded in May last year by Google Pay top executives Sujith Narayanan and Sumit Gwalani, Epifi is a fintech startup that provides digital banking solutions.
 "Millennials are a digital-first generation who are reshaping the world's economy, pushing companies to re-examine the way they do business.... Through epiFi, our mission is to provide digital natives a new-age platform that uses customer insights and deep tech to simplify their banking journey and help them take a big step towards achieving financial freedom," Epifi Co-foundersaid Sujith Narayanan said. SID DRR

Neo-banking startup Epifi raises $13.2 mn from Sequoia India, Ribbit Capital

<div class="KonaFilter image-container display-table"><div><div class="image on-image">VouchVouch cofounder and CEO Sam Hodges</div></div></div><ul class="summary-list"><li style="font-weight: 400;">On Tuesday Vouch, a startup that provides <a href="https://www.businessinsider.com/insurtech-insurance-technology-report">insurance</a> to other startups, announced it raised $24.5 million in Series A funding led by Ribbit Capital and SVB Financial Group, the <a href="https://www.businessinsider.com/wall-street-feeds-on-silicon-valley-to-fill-voracious-tech-appetite-2019-1">investment arm of Silicon Valley Bank</a>. </li><li style="font-weight: 400;">Vouch cofounder and CEO Sam Hodges told Business Insider that <a href="https://www.businessinsider.com/the-ai-in-insurance-report-2019-6">insurance is a major hurdle facing startups</a>, and that delays common with getting coverage can hold growing companies back from hiring talent or securing lucrative enterprise contracts.</li><li style="font-weight: 400;">Because of the tricky nature of building a startup in a heavily regulated industry, Hodges said his team is more experienced than is <a href="https://www.businessinsider.com/pitch-decks-that-helped-hot-startups-raise-millions-2019-4">typical of an early-stage startup</a>.</li><li style="font-weight: 400;">Vouch is currently operational in Utah and Illinois, with plans to expand to California and nine other states before the end of 2019.</li><li><a href="https://www.businessinsider.com/prime?module=article&amp;area=summary">Click here for more BI Prime stories</a>.</li></ul>Startups are among the <a href="https://www.businessinsider.com/insurtech-insurance-technology-report">riskiest types of business</a>. So it's only fitting that a startup would emerge to specialize in insuring other startups. For Sam Hodges, the CEO and cofounder of Vouch, the need for startup insurance became apparent during his 15-year tenure as an investor and startup founder. He told Business Insider that in all his previous roles, he had come to realize how an important business tool like insurance had actively held back fast-growing startups."Folks don't realize that insurance is a gating item to do what you need to do in business," Hodges told Business Insider. "For Vouch, we needed insurance to get our insurance license and it took 2 months. These sorts of delays can be incredibly painful for a lot of businesses."On Tuesday, Vouch announced that it had raised $24.5 million in Series A funding, in a round led by Ribbit Capital and SVB Financial Group, <a href="https://www.businessinsider.com/wall-street-feeds-on-silicon-valley-to-fill-voracious-tech-appetite-2019-1">the investment arm of Silicon Valley Bank. </a> The investment, which represents Vouch's first outside funding, was done at an undisclosed valuation.The deal shows Vouch bucked one popular Silicon Valley trend while gladly embracing another. The startup went without early-stage funding before Tuesday's round even though other startups have been raising seed and pre-seed rounds of increasing enormity. At the same time, Vouch is building its business on a precarious foundation by tying its future to the risk of other startups that may not have a sustainable long-term business model.Read More: <a href="https://www.businessinsider.com/brex-first-employee-says-startup-better-than-any-mba-program-2019-9">A Harvard grad was the first employee at buzzy credit card startup Brex and says the experience was better than any MBA program she could have taken.</a>According to Hodges, business insurance is one of those pesky things startups need even if the company is essentially <a href="https://www.businessinsider.com/menlo-ventures-jean-paul-sanday-inflection-fund-growth-stage-investing-2019-9">"two people in a garage."</a> But the <a href="https://www.businessinsider.com/the-ai-in-insurance-report-2019-6">insurance industry</a> has yet to catch on, he says, and treats a software startup the same as it would a mom-and-pop auto repair shop, for example."Traditional carriers and brokers can't serve [startups] because it's all done offline and there's all this friction. They don't understand technology companies," Hodges said.Instead of the typical five areas of risk insurance companies use to assess risk factors and charge customers, Hodges says Vouch has dozens, which allows the startup to better serve the range of needs a high-growth company might encounter."Unfortunately it's just part of dealing with business," Hodges said. "Almost certainly there are things that happen along the way, whether it's a cyber intrusion or regulatory issue, all those things are risk events that can put a business sideways."Hodges said that dealing in such a highly regulated environment, and now with such prominent backers, means his team is more experienced than would be expected at a young startup. That experience, which totals almost 100 years between the cofounders and executive team, will come in handy in the event of a market downturn which could disproportionately cut into startups' bottom lines and therefore Vouch's entire revenue model."We are investing to make sure our infrastructure and underwriting is sustainable," Hodges said. We are very comfortable with how we have set up the company."Vouch currently operates in Utah and Illinois, with plans to expand to California and nine other states before the end of the year. Part of that expansion will come through its new status as a preferred partner with Silicon Valley Bank, one of the most ubiquitous institutions in Silicon Valley. By mid-2020, Hodges said he hopes to be operational in all 50 states."To build an insurance company from the ground up you need to make a thoughtful set of investments, and we thought this was a sensible way of going about it," Hodges said. <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/apple-keynote-events-engaging-product-launch-anticipation-2019-9">7 ways Apple makes its keynote presentations so engaging</a></h3> <div> </div> </div>

Vouch, a startup that provides insurance for other startups, raises $24.5 million from Ribbit Capital and Silicon Valley Bank in first outside financing round

Merchant payment and lending service provider <keyword id="7349800" type="UNKNOWN" weightage="20" keywordseo="bharatpe">BharatPe</keyword> on Thursday said it has acquired <keyword id="1917213" type="COMPANY" weightage="20" keywordseo="PAYBACK-India">Payback India</keyword> from <keyword id="91294" type="COMPANY" weightage="20" keywordseo="American-Express">American Express</keyword> and ICICI Investments Strategic Fund. The company, however, did not disclose the financial details of the transaction. This is the first-ever acquisition by BharatPe and will make Payback <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword> a wholly-owned subsidiary of BharatPe, a statement said. Payback India - launched in 2010 - is a multi-brand loyalty programme with over 100 million members in the country. It has a network of more than 100 offline and online partners and allows its customers to earn and redeem points on every transaction at its partner merchant outlets. The acquisition of Payback India is in line with BharatPe's strategy to build a robust and engaged network of over 20 million small merchants by 2023, the statement said. With Payback India, BharatPe will be able to enhance its value proposition for the merchant partners, it added. Additionally, it will enable BharatPe to build a lucrative set of offerings for end customers, that will enhance footfalls at merchants and accelerate the growth of their businesses. As a result of the acquisition, all Payback India employees will become part of the BharatPe group. Suhail Sameer and Gautam <keyword id="2220" type="PERSON" weightage="20" keywordseo="Kaushik">Kaushik</keyword> (Group Presidents at BharatPe) along with Sumeet Singh, General Counsel of BharatPe, have joined the Board of Payback India. The role of the senior leadership team at Payback India will be expanded to also work on the loyalty programme for the six-million plus merchants of BharatPe, it added. The team, led by Pramod Mahanta (MD Payback India) and Rijish Raghavan (Chief Executive Officer at Payback India), will be working closely with Gautam Kaushik to build a new version of Payback India. Notably, Kaushik was the CEO and MD of Payback India prior to joining BharatPe in February this year. The company (Payback India) will continue operating under its current name and there will be no impact on the existing customer and partner relationships with Payback India that will continue to roll out initiatives for customers across India, the statement noted. "With the acquisition of Payback India, we will be able to add a whole new dimension to our merchant value proposition. In addition to the range of payment and credit products which BharatPe offers to help merchants scale their business, we will also be able to drive more consumers to their stores," BharatPe co-founder and CEO Ashneer Grover said. He added that the company is committed to build India's largest and most engaged merchant network and this acquisition will be a "game-changer" in that regard. "...Users can collect points while shopping offline and online and benefit from exclusive offers in the usual way, now at even more merchants with BharatPe. We are convinced that the great Payback value for customers is guaranteed sustainably and in the long term with BharatPe as the new operator," Markus Knorr, CFO of Payback Global, said. BharatPe at present provides a single interface for all existing UPI apps and allows merchants to accept UPI payments for free, through the BharatPe QR. It also supports merchants to access credit and other value-added services. Founded in 2018 by Ashneer Grover and Shashvat Nakrani, the company currently serves over 60 lakh merchants across 100 cities. It processes over 10 crore UPI transactions per month (annualised Transaction Processed Value of more than USD 10 billion) and facilitated disbursement of loans totaling to over Rs 1,600 crores to its merchants since launch. BharatPe's investors include Coatue Management, Ribbit Capital, Insight Partners, <keyword id="6497288" type="COMPANY" weightage="20" keywordseo="steadview-capital">Steadview Capital</keyword>, Beenext, Amplo and <keyword id="122716" type="COMPANY" weightage="20" keywordseo="Sequoia-Capital">Sequoia Capital</keyword>. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/here-are-the-coolest-ios-15-features-coming-to-iphones/slidelist/83362145.cms">Here are the coolest iOS 15 features coming to iPhones</a> <a href="https://www.businessinsider.in/cryptocurrency/news/paraguay-could-become-the-second-country-to-adopt-bitcoin/articleshow/83363776.cms">After El Salvador, Paraguay considers Bitcoin adoption</a> <a href="https://www.businessinsider.in/careers/news/google-microsoft-apple-and-many-others-are-hiring-for-various-it-roles-in-india/articleshow/83365305.cms">Google, Microsoft, Apple and many others are hiring for various IT roles in India —data scientists and cloud architects in high demand</a>

BharatPe acquires Payback India from American Express and ICICI Investments Strategic Fund

<ul class="summary-list"><li>Investing app <keyword id="1268253" type="PERSON" weightage="60" keywordseo="Robinhood">Robinhood</keyword> just announced a $280 million Series F at a $8.3 billion valuation.</li><li>Previous investor <keyword id="122716" type="CITY" weightage="60" keywordseo="Sequoia-Capital">Sequoia Capital</keyword> led the round, with participating from NEA, Ribbit Capital, 9Yards Capital, and Unusual Ventures.</li><li>Robinhood has added three million funded accounts since the start of the year. </li></ul>Investors continue to pour money at rising valuations into Robinhood despite the popular investing app facing multiple outages on some of the most volatile trading days in market history earlier this year.The <keyword id="2461546" type="PERSON" weightage="60" keywordseo="FinTech">fintech</keyword> nabbed $280 million in Series F funding at an $8.3 billion valuation in a round led by previous investor Sequoia Capital. NEA, Ribbit Capital, 9Yards Capital, and Unusual Ventures also participated in the round. Robinhood's most recent round comes after a $323 million Series E in July 2019 at a <a href="https://www.businessinsider.com/robinhood-advances-valuation-after-major-funding-round-2019-7">$7.6 billion valuation</a>. <a href="https://blog.robinhood.com/news/2020/5/4/robinhood-raises-280-million-in-series-f-funding-led-by-sequoia">In a blog post</a> about the news, Robinhood announced it had added three million funded accounts since the start of the year. "Robinhood has made the financial markets accessible to the masses, and in turn, revolutionized the decades-old brokerage industry," said Andrew Reed, partner at Sequoia, in a statement. "We're excited to further our relationship with Robinhood, which we believe is at the beginning of its opportunity."The growth came despite significant outages that plagued the fintech in early March. The app <a href="https://www.businessinsider.com/robinhood-trading-downtime-outage-second-day-backlash-2020-3">was down for consecutive days</a> during the first week of March as the markets were rocked with volatility. In a note <a href="https://blog.robinhood.com/news/2020/3/3/an-update-from-robinhoods-founders">posted on its blog</a>, Robinhood's cofounders, cited "<a href="https://www.businessinsider.com/robinhood-responds-second-major-outage-month-2020-3">stress to its infrastructure</a>" from an "unprecedented load."In an <a href="https://fortune.com/2020/05/04/robinhood-funding-series-f-global-expansion-sequoia-capital/">interview with Fortune</a> regarding the raise, Vlad Tenev, co-CEO and cofounder, described the outages as a "curveball." As for the new funding, Tenev earmarked it for further growth. "The purpose of the capital raise is to enable us to have flexibility and be strategic, and continue to invest in the platform," <a href="https://fortune.com/2020/05/04/robinhood-funding-series-f-global-expansion-sequoia-capital/">Tenev told Fortune</a>. "We envision that over the next few years, Robinhood will expand globally and continue rolling out more products."The latest round is yet another example of Robinhood to continue to raise capital despite slipups. In December 2018 the startup <a href="https://www.businessinsider.com/robinhood-millennial-stock-trading-app-ignored-rules-money-safe-2019-7" target="_blank" rel="noopener noreferrer">quickly backtracked from an announcement</a> it made for a planned cash-management product after saying it would be SIPC insured despite not checking with the organization ahead of time. That same month Robinhood's options trading <a href="https://www.businessinsider.com/robinhoods-options-trading-shutdown-and-customers-are-furious-2018-12">experienced an outage</a>. The startup offered <a href="https://www.businessinsider.com/robinhood-offering-users-impacted-by-options-outage-amazon-gift-cards-2018-12">some of those affected</a> $75 Amazon gift cards.In November 2019, some Robinhood users uncovered an "<a href="https://markets.businessinsider.com/news/stocks/robinhood-infinite-leverage-free-money-cheat-user-1-million-2019-11-1028661632" target="_blank" rel="noopener noreferrer">infinite leverage</a>" glitch.The following month the Financial Industry Regulatory Authority <a href="https://markets.businessinsider.com/news/stocks/robinhood-fined-by-finra-for-violating-best-execution-trading-laws-2019-12-1028776673" target="_blank" rel="noopener noreferrer">fined the brokerage $1.25 million</a> for not following "best execution" practices from October 2016 to November 2017. Read the original article on <a href="https://www.businessinsider.com/robinhood-raised-280-million-series-f-at-83-billion-valuation-2020-5">Business Insider</a>

Robinhood just raised a $280 million round of funding led by Sequoia Capital, making it worth over $8 billion

<ul><li><keyword id="1268253" type="PERSON" weightage="60" keywordseo="Robinhood">Robinhood</keyword> raised another $320 million, according to a Monday <a href="https://blog.robinhood.com/news/2020/5/4/robinhood-raises-280-million-in-series-f-funding-led-by-sequoia">statement</a>, further bolstering to its <keyword id="3801906" type="PERSON" weightage="60" keywordseo="Series-F">Series F</keyword> <keyword id="708591" type="UNKNOWN" weightage="60" keywordseo="Funding-Round">funding round</keyword>.</li><li>The influx of cash from new and existing investors brings Robinhood's total valuation to $8.6 billion.</li><li>The brokerage first announced its Series F haul in May after <keyword id="122716" type="CITY" weightage="60" keywordseo="Sequoia-Capital">Sequoia Capital</keyword> led a $280 million <keyword id="60356" type="ORGANIZATION" weightage="60" keywordseo="fundraising">fundraising</keyword> round.</li><li>Robinhood's fundraising activity arrives as retail investing activity spikes. The brokerage has added more than 3 million new accounts year-to-date.</li><li><a href="https://www.businessinsider.com/?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestutm_source=msn.com&amp;utm_medium=referral&amp;utm_content=msn-slideshow&amp;utm_campaign=bodyurlutm_campaign=bodyurl">Visit the Business Insider homepage for more stories</a>.</li></ul>Retail investors aren't the only ones pushing cash into Robinhood through the coronavirus pandemic.The popular discount brokerage boosted its Series F funding round with an additional $320 million in closings, according to a Monday <a href="https://blog.robinhood.com/news/2020/5/4/robinhood-raises-280-million-in-series-f-funding-led-by-sequoia">statement</a>, bringing its post-money valuation to $8.6 billion. The funding comes from new and existing investors, including TSG Consumer Partners and IVP.Robinhood's Series F round was first announced on May 4. Sequoia Capital led the $280 million round alongside NEA, Ribbit Capital, and Unusual Ventures. The release touted the more than 3 million new Robinhood accounts created in the year to date and the fact that half of its new users in 2020 were first-time investors."Amid challenging times and market volatility, we're humbled that people are turning to Robinhood to participate in the <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> and build their financial future," the brokerage said in its May release.Read more: <a href="https://www.businessinsider.com/stock-market-outlook-3-reasons-for-rally-over-next-year-2020-7">A Wall Street investment chief dispels the notion that surging stocks are disconnected from the economy — and lays out 3 reasons why the market will continue to climb over the next year</a>The Monday update brings the round's total to $600 million. Robinhood plans to use the capital in hiring across offices, including a new Denver location, according to the May update.The funding arrives amid a mass influx of retail investors to the still-choppy stock market. Casual day-traders seized on virus-fueled volatility and broke age-old market rules, piling into everything from beleaguered airlines to newly bankrupt Hertz.Retail investor activity rose to 25% from about 15% of trading through the start of the year and serves as a "<a href="https://markets.businessinsider.com/news/stocks/retail-investors-quarter-of-stock-market-coronavirus-volatility-trading-citadel-2020-7-1029382035">significant force</a>" in the market, Joe Mecane, head of execution services at Citadel Securities, said Thursday.Now read more markets coverage from Markets Insider and Business Insider:<a href="https://markets.businessinsider.com/news/stocks/apple-stock-price-highest-wall-street-target-5g-iphone-demand-2020-7-1029388694">Apple has a new Street-high price target — and the bullish analyst sees shares leaping 17% on 'massive' iPhone 12 demand</a><a href="https://markets.businessinsider.com/news/stocks/central-bank-stimulus-boost-economic-wellbeing-happiness-bank-england-easing-2020-7-1029387904">Central bank stimulus makes people happier and financially better-off, Bank of England study says</a><a href="https://www.businessinsider.com/gen-z-millennial-day-retail-trader-interviews-wall-street-options-2020-7">Wall Street is being shaken to its core by a legion of Gen Z day traders. From a casual hobbyist to a 20-year-old running a 14,000-person platform, meet the new generation of retail investors.</a>

Robinhood upsizes funding round to raise an additional $320 million at a $8.6 billion valuation

<div class="image-container float_right" style="width:396px"><div class="image"></div>Hasbro, Business Insider</div>Union Square Ventures' <keyword id="775126" type="PERSON" weightage="60" keywordseo="Fred-Wilson">Fred Wilson</keyword> announced this morning that <a href="http://www.businessinsider.com/fred-wilson-invests-in-coinbase-2013-5">he's investing in Coinbase</a>, a startup that makes transactions through the web with <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="Bitcoin">Bitcoin</keyword> possible.
This is big news for a number of reasons.
Wilson is a New York-based venture capitalist who wisely saw the rise of "social" on the Internet. He was an early investor in Tumblr, Twitter, Zynga, and Kickstarter.
He <a href="http://www.businessinsider.com/fred-wilson-lost-the-first-investment-he-was-going-to-lead-in-over-a-year-2013-3">hadn't made an investment in almost two years</a>. He said he was trying to figure what was next, which is what makes this investment in particular interesting. Apparently, he thinks Bitcoin, the limited virtual currency is going to be big.
Bitcoin has been up and down, but with Wilson's investment it's a sign that people think it's here to stay and it's going to be mainstream.
He explained his investment in Coinbase <a href="http://www.usv.com/2013/05/coinbase.php">on the Union Square Ventures blog</a>.
The short explanation: "We believe that Bitcoin represents something fundamental and powerful, an open and distributed Internet peer to peer protocol for transferring purchasing power. It reminds us of SMTP, HTTP, RSS, and BitTorrent in its architecture and openness."
And here's the full thing:
We have been thinking about and looking to make an investment in the Bitcoin ecosystem for several years. Today, we are happy to be able to talk about our first investment in the sector. We have made an investment in <a href="https://coinbase.com/">Coinbase</a> along with our friends at <a href="http://ribbitcap.com/">Ribbit Capital</a>, <a href="http://svangel.com/">SV Angel</a> and <a href="https://thefundersclub.com/">Funders Club</a>.
We believe that Bitcoin represents something fundamental and powerful, an open and distributed Internet peer to peer protocol for transferring purchasing power. It reminds us of SMTP, HTTP, RSS, and BitTorrent in its architecture and openness. Like what happened with those other low level protocols, entrepreneurs and developers are now building technology on top of Bitcoin to make it more useful, more accessible, and more secure.
Coinbase is in some ways a perfect example of that trend. It was founded by <a href="https://twitter.com/brian_armstrong">Brian Armstrong</a>, who as an engineer at Airbnb who wanted an easier way to incorporate Bitcoin into transactional systems on the Internet. Brian was joined by co-founder <a href="https://twitter.com/FEhrsam">Fred Ehrsam</a>, a computer scientist and former currency trader. The two of them have quickly built Coinbase into one of the leading Bitcoin platforms in the market.
Coinbase offers three important features: an online wallet to store Bitcoin; a merchant platform that allows services to accept Bitcoin as payment; and a service that allows individuals and merchants to buy/sell Bitcoin into fiat currencies. Coinbase is located in San Francisco and the company's details and key metrics are available on <a href="https://coinbase.com/about">its about page</a>. Coinbase is hiring and their openings are on <a href="https://coinbase.com/jobs">its jobs page</a>. And of course, they also have <a href="http://blog.coinbase.com/">a blog</a>.
If you are a merchant and want to accept Bitcoin as a form of payment, <a href="https://coinbase.com/merchants">you can do that with Coinbase</a>. The platform for accepting Bitcoin is free and you only get charged a small fee if you want to convert Bitcoin to fiat currency, which you can do automatically.
If you would like to buy Bitcoin and store it online, <a href="https://coinbase.com/home">you can do that with Coinbase</a>. Coinbase is where I have purchased my Bitcoin and keep it. Coinbase has native mobile wallets for <a href="https://itunes.apple.com/us/app/coinbase/id588530550?mt=8">iOS</a> and <a href="https://play.google.com/store/apps/details?id=com.coinbase.android">Android</a> and works great on mobile web as well.
Even though Bitcoin has been all over the media lately as its exchange rate has <a href="https://coinbase.com/charts">surged, collapsed, and surged again</a>, we believe that we are in the very early days of Bitcoin and other digital currencies. There is much that must be built on top of of these digital currencies to make them work well enough to support real business at scale. And we are thrilled to be invested in a team that is well suited to do that work and build a large and successful business in the Bitcoin sector.

FRED WILSON: Here's Why I'm Investing In Bitcoin

Decacorn fintech firm <keyword id="6357886" type="General" weightage="100" keywordseo="phonepe" source="Orion">PhonePe</keyword> has received an additional USD 100 million from <keyword id="6375561" type="General" weightage="80" keywordseo="general-atlantic" source="Orion">General Atlantic</keyword> during its ongoing fundraise round of USD 1 billion at a pre-money valuation of USD 12 billion, the company said on Wednesday. With this fresh funding, the <keyword id="80487" type="General" weightage="50" keywordseo="walmart" source="Orion">Walmart</keyword> group firm has raised USD 750 million till date. "PhonePe confirms a USD 100 million additional tranche of investment from General <keyword id="44121" type="General" weightage="80" keywordseo="atlantic" source="Orion">Atlantic</keyword>, a leading global growth equity firm, and its co-investors as part of our ongoing fundraise. General Atlantic initially invested USD 350 million in PhonePe in January 2023," PhonePe said in a statement. General Atlantic has invested USD 450 million in the ongoing fundraise, Ribbit Capital, <keyword id="526777" type="General" weightage="50" keywordseo="tiger-global" source="Orion">Tiger Global</keyword> and TVS Capital Funds USD 100 million and Walmart has infused USD 200 million in the company. PhonePe plans to deploy these funds to build and scale new businesses like insurance, wealth management, lending, stockbroking, ONDC-based shopping and account aggregators. The fundraise will also help PhonePe turbo-charge the next wave of growth for UPI payments in India, including UPI lite and Credit on UPI. Recently the company also announced its foray into hyperlocal e-commerce through new platform Pincode. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/markets-extend-rally-to-the-eight-consecutive-day-led-by-it-healthcare-and-auto-stocks/articleshow/99434724.cms">Markets extend rally to the eight consecutive day, led by IT, healthcare and auto stocks</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/how-omicron-sub-variants-escape-our-bodys-immune-system/articleshow/99433429.cms">How Omicron sub-variants escape our body's immune system</a>

PhonePe gets additional USD 100 million fund from General Atlantic

<ul><li>The Web3 Discovery Fund will invest in early-stage startups building blockchain solutions for the Indian Web3 landscape. </li><li>The $10 million web 3 fund will also provide technical support to early stage Indian web 3 startups. </li><li>Web3 development and innovation in <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> witnessed investments worth over $500 million in 2021 alone. </li></ul> <keyword id="10587326" type="General" weightage="100" keywordseo="coinswitch" source="Orion">CoinSwitch</keyword>, one of India’s largest crypto exchanges, on Tuesday announced the launch of corporate venture capital ‘Web3 Discovery Fund’ worth $10 million. The fund will invest in and incubate early-stage startups building blockchain solutions for the evolving Web3 landscape in India. Despite the ongoing crypto winter, there has been a steady influx of capital for Indian web 3 startups. Web3 development and innovation in India witnessed investments worth<a href="https://www.bain.com/insights/india-venture-capital-report-2022/"> $500 million+</a> in 2021. Coinswitch’s Web3 Discovery Fund, with an initial corpus of $10 million, will provide single-window access to investor partners <keyword id="526777" type="General" weightage="50" keywordseo="tiger-global" source="Orion">Tiger Global</keyword>, Ribbit Capital, Coinbase Ventures, Sequoia Capital India, Woodstock Fund, Elevation Capital, alongside incubation partner <keyword id="13041888" type="General" weightage="50" keywordseo="buidlers-tribe" source="Orion">Buidlers Tribe</keyword>. CoinSwitch Web3 Discovery Fund’s startups can apply for AWS Activate Portfolio and receive AWS credits, technical support, training, and resources. The early-stage portfolio startups will also be able access CoinSwitch's in-house capabilities, ecosystem network, and its 18 million-strong user base. “The venture program is a result of our firm belief that India will be the launchpad for population-scale Web3 projects. To realise this vision of #MadeinIndia Web3, we have to identify and enable entrepreneurs and early-stage startups leveraging the potential of Crypto to solve real-world problems unique to India," said Ashish <keyword id="16058" type="General" weightage="50" keywordseo="singhal" source="Orion">Singhal</keyword>, co-founder and CEO, CoinSwitch. Coinswitch was founded in 2017 by Singhal, Govind Soni and <keyword id="14675613" type="General" weightage="50" keywordseo="vimal-sagar-tiwari" source="Orion">Vimal Sagar Tiwari</keyword> and is backed by blue chip investors including <keyword id="508487" type="General" weightage="50" keywordseo="andreessen-horowitz" source="Orion">Andreessen Horowitz</keyword>, Tiger Global, Sequoia Capital India, Ribbit Capital, Paradigm, and Coinbase Ventures.

CoinSwitch launches $10 million Web 3 Discovery Fund to invest in early-stage Indian startups

<ul class="summary-list"><li>Some of <keyword id="11896285" type="UNKNOWN" weightage="60" keywordseo="robinhood" source="Orion">Robinhood</keyword>'s pre-IPO investors were given <keyword id="11898795" type="UNKNOWN" weightage="60" keywordseo="sec" source="Orion">SEC</keyword> approval to sell their shares. </li><li>Early investors, such as Ribbit Capital, pumped billions into the trading app after the GameStop trading halt.</li></ul>Early <a href="https://markets.businessinsider.com/stocks/hood-stock">Robinhood</a> investors who pumped money into the retail-trading app amid the January <a href="https://markets.businessinsider.com/stocks/gme-stock">GameStop</a> surge can sell their shares, after the US Securities and Exchange Commission approved the move. The SEC approval became effective Wednesday, <a href="https://www.sec.gov/Archives/edgar/data/1783879/999999999521003863/9999999995-21-003863-index.htm">a filing shows</a>. The investors won't be allowed to sell their shares, however, until after Oct. 26 when Robinhood reports its quarterly results, according to Bloomberg, which first reported the story and <a href="https://www.globenewswire.com/news-release/2021/10/08/2311393/0/en/Robinhood-Markets-Inc-Files-Acceleration-Request-for-Resale-Registration-Statement.html">cited a company statement</a>. The investors also said they would keep half of the shares for 28 days after the SEC approval, the statement said. The <keyword id="11931201" type="UNKNOWN" weightage="60" keywordseo="robinhood-stock" source="Orion">Robinhood stock</keyword> sale stems from emergency funding the company raised early this year to cover a cash shortage. Robinhood had to put up more collateral at the industry's key clearinghouse as the meme stock craze in January led Robinhood to halt trading of GameStop and <a href="https://markets.businessinsider.com/stocks/amc-stock">AMC</a> shares, among others Pre-IPO investors led by Ribbit Capital pumped $3.4 billion into Robinhood as the app faced customer outrage and political criticism over the trading halt, <a href="https://www.businessinsider.com/ribbit-capital-fintech-investor-robinhood-coinbase-affirm-2021-2">Insider reported previously</a>. <keyword id="12002884" type="UNKNOWN" weightage="60" keywordseo="jpmorgan" source="Orion">JPMorgan</keyword> analysts, led by Kenneth Worthington, <a href="https://markets.businessinsider.com/news/stocks/robinhood-stock-price-outlook-jpmorgan-shares-unlock-2021-9">warned in a recent note</a> of increased pressure on Robinhood stock as millions of shares are unlocked in the coming months.But the "big unlock" will be Dec. 1, when 500 million more shares are freed up, they said, rating the company at underweight with a $35 target price. Because Robinhood gave access to retail investors in its initial public offering, JPMorgan predicted that after more shares are on the market, the retail side will have less influence on the stock. That means it will trade more on fundamentals than mere sentiment. As of Thursday, the stock traded as $40.89, up 7.5% since going <a href="https://markets.businessinsider.com/news/stocks/robinhood-stock-price-first-trades-volatile-ipo-trading-debut-hood-2021-7?utm_source=markets&amp;utm_medium=ingestgest">public in July</a>. Ribbit Capital did not immediately respond to Insider's request for comment.

You Searched For "ribbit capital" and got 12 results

ZestMoney founders quit as fintech startup fails to raise capital

IANS

Robinhood sinks as shareholders file to sell 98 million shares, taking the wind out of massive 2-day rally

Isabelle Lee

Walmart is launching a mysterious new fintech startup with Ribbit

Mary Meisenzahl

Neo-banking startup Epifi raises $13.2 mn from Sequoia India, Ribbit Capital

PTI

Vouch, a startup that provides insurance for other startups, raises $24.5 million from Ribbit Capital and Silicon Valley Bank in first outside financing round

Megan Hernbroth

BharatPe acquires Payback India from American Express and ICICI Investments Strategic Fund

PTI

Robinhood just raised a $280 million round of funding led by Sequoia Capital, making it worth over $8 billion

Dan DeFrancesco

Robinhood upsizes funding round to raise an additional $320 million at a $8.6 billion valuation

Ben Winck

FRED WILSON: Here's Why I'm Investing In Bitcoin

Jay Yarow

PhonePe gets additional USD 100 million fund from General Atlantic

PTI

CoinSwitch launches $10 million Web 3 Discovery Fund to invest in early-stage Indian startups

Eetika Kapoor

Some early investors who pumped funds into Robinhood amid GameStop surge were granted SEC approval to sell their shares

Natasha Dailey

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