Infinity Ventures, an early-stage venture firm investing in founders building across fintech infrastructure and commerce enablement, today announced its inaugural $158 million fund. The capital will fuel Infinity Venture’s model, which applies decades of operating and investing experience to de-risk execution, accelerate scale, and support product development and go-to-market strategies for its portfolio companies. Since their first close in June 2021, Infinity Ventures has funded eleven companies building solutions that address the biggest hurdles in today’s financial infrastructure: access, utility, flexibility and cost.
Infinity Ventures was started by Jay Ganatra (Jeremy Jonker), Mario Ruiz (Mario Ruiz) and Jay Ganatra (Jay Ganatra). They were all previously executives at PayPal and had extensive venture investment and deal experience. Additionally, the team led the transformational M&A transactions of Venmo, Braintree, Honey, Hyperwallet, Xoom, Swift Financial and iZettle, and executed the growth equity investments into companies such as MercadoLibre, GoJek, Pine Labs and Uber.
According to the World Bank the global financial services market is currently worth $27 trillion annually in terms of annual GDP. As digital commerce and banking become more popular, fintech companies are now acquiring capital to help them transform their businesses. CBInsights data has shown that nearly 170 fintech firms have become unicorns since 2021. This is a rate that is 3.1x greater than the 15 previous years.
“Over the last decade the fintech industry has innovated consumer and business applications at a rapid pace, with intuitive design and sleek functionality that have been truly life-changing in terms of access, transparency and convenience,”Jeremy Jonker, co-founder and partner. “We see a massive opportunity investing in key infrastructure, making fintech apps and services more scalable and secure. Our team has the experience, and isn’t afraid to get our hands dirty helping founders build this core, underdeveloped layer, from negotiating contracts, formulating the product roadmap, and delivering on partnership and client opportunities.”
The firm participates from pre-seed to Series A rounds, with initial checks ranging between $500K and $8 million. Infinity Ventures invested from the fund starting in Summer 2021. The firm has made capital investments worldwide, including in the U.S., Asia and Latin America.
- Card91, payment infrastructure-as-a-service that simplifies the payments ecosystem
- Durable is an end-to–end platform that supports services businesses, including integrated fintech and commerce.
- Glean is an intelligent accounts payable platform that generates insights and makes recommendations based upon line-item invoice information
- Mendel is an expense management tool that helps businesses manage their budgets
- Neo.tax technology is reinventing taxes to make them more modern.
- Pagos, an intelligent payment system for commerce
- Replo is a free storefront builder that integrates with existing Shopify stores as well as 3rd-party apps.
- Sensible Weather is a company that provides climate risk technology to travelers and their travel partners.
- Skipify is a universal 1-touch checkout that makes shopping easy and fast.
- Stealth Startup focuses on improving merchant rebates
- Upside, a lending as-a-service option for CPG Brands, allows them to access capital for inventory growth.
“Massive adoption of ecommerce and fintech services by consumers and businesses alike have forever changed certain behaviors and processes,” Jay Ganatra, Co-founder and Partner. “We are identifying opportunities to upgrade infrastructure, and expand to new geographies as ecommerce proliferates and fintech becomes more seamless, regardless of a consumer’s wealth or a company’s size.”
Infinity Ventures will invest around 25 global companies with this initial fund. To support portfolio company needs and investment efforts, the team will recruit additional talent.
“Fintech has been proven to be The great enabler of our generation. At PayPal we saw firsthand how digital payments could transform businesses, communities, and most importantly, individuals’ lives,”Mario Ruiz, Co-founder and Partner. “Our vision with Infinity Ventures is to expand the reach of commerce and fintech utility. To deliver on that, we are assembling a diverse team focused on global opportunities with the potential for greatest impact.”