Infinity Ventures, an early-stage venture firm investing in companies enabling the future of fintech and commerce, announced that it had raised $184 million for Fund II. And the firm was co-founded in 2021 by former PayPal executives Jeremy Jonker, Jay Ganatra and Mario Ruiz. Infinity Ventures offers a deep sector focus highlighted by extensive operating experience and senior relationships across the fintech and commerce ecosystems.
Through Fund II, the firm will scale its operators-first, investors-second approach to supporting founders building across B2B fintech and commerce enablement.
The financial services and commerce are resilient and critical parts of the global economy. Of the multi-trillion global financial services market, fintech revenue comprises of a small percentage.
The firm invests in pre-seed through Series A rounds. So far, it has backed about 23 companies across fintech and commerce enablement. Here are some examples:
1.) Rainforest – A PayFac-as-a-service platform that helps software platforms grow revenue by embedding payments into their product without taking on risk or compliance headaches
2.) Vinyl Equity – A next-generation transfer agent building critical infrastructure and services for publicly traded companies
3.) SimpleClosure – A platform to help facilitate and automate the onerous process of shutting down businesses
4.) Mendel – A corporate card and expense management platform for large enterprises in Latin America
5.) Durable – An end-to-end business in a box platform for services businesses, including an integrated fintech and commerce stack
6.) Vizit – An AI-based platform that revolutionizes eCommerce by providing real-time, audience-specific content effectiveness insights to the world’s leading brands
7.) Replo – A low-code web platform and marketplace that enables business to build customizable Shopify storefronts easily
8.) Pagos – A payments data platform that offers data aggregation, visualization, and monitoring solutions for both merchants and for companies processing payments for merchants
9.) Kanmon – An embedded lending platform for vertical SaaS businesses, marketplaces, and financial institutions to provide fully regulated working capital loans to the end-merchants or SMBs they service directly
10.) Skipify – A commerce identity platform that includes direct integrations into financial institutions and networks to power seamless one-click checkout
11.) Badge – A no-code Apple and Google wallet platform for engagement automation
The Infinity Ventures founders met at PayPal, where they headed the investments in Plaid, Divvy, Olo, Extend, Paxos, PPRO, Acorns, TaxBit, Toss, Tink, Happy Returns, Paidy, and others and executed the growth equity investments into MercadoLibre, GoJek, Pine Labs and Uber. Additionally, they led the transformational M&A transactions of Venmo, Braintree, Honey, Hyperwallet, Xoom, Swift Financial and iZettle. Since launching an inaugural fund three years ago, Infinity Ventures has grown its team with the addition of Levi King as Operating Partner, Robert May as Business Operations Partner, Samantha Klingelhofer as an Investor, and Leah Adair as Executive and Operational Support. The firm also recently opened its Jackson Square office in San Francisco.
KEY QUOTES:
“Our Infinity team brings industry focus and expertise, with decades of operating experience and active relationships with leading incumbents. Founders trust us to help them navigate these opportunities – as well as the challenges they present – to scale and grow meaningful fintech products and services.”
– Co-founder and Managing Partner Jeremy Jonker
“We’re still in the early innings of commerce enablement. With all transactions now having a digital component, improved infrastructure and services are desperately needed to deliver seamless experiences for both businesses and consumers. Fund II allows us to support more founders who are building transformational solutions.”
– Co-founder and Managing Partner Jay Ganatra
“As ex-operators ourselves, we can’t help but serve as an extension of our portfolio companies’ teams. The Infinity Ventures team routinely jumps in to assist with execution work, facilitate negotiations with customers and provide crucial C-level introductions. Our deep domain expertise and industry connectivity separates us from the pack of generalist and other sector-focused funds.”
– Co-founder and General Partner Mario Ruiz
