Gigs Raises $73 Million From Ribbit Capital to Expand Its Mobile Services for Neobanks

San Francisco, California-based Gigs helps clients including neobanks, or online financial institutions, launch mobile services such as subscription management and phone payment plans.

Fintech startup Gigs has announced that it has raised $73 million in a Series B funding round led by Ribbit Capital.

This investment marks a significant departure from the recent trend of VC資金注入を中心に人工知能への投資がなされている中、Gigsへの投資は数少ない非AI案件の一つとなっている。

Other participants in the round include existing investors Google’s Gradient, Y Combinator and Speedinvest.

Crucial Detail: San Francisco, California-based Gigs enables clients such as neobanks to launch mobile services like subscription management and phone payment plans.

Operating primarily in the U.S. through a partnership with AT&T, Gigs will use the funding to expand geographically and scale its products and services.

Earlier this month, the company also announced a partnership with Vodafone UK.

Context: Gigs and its investors are banking on the growth of Mobile Virtual Network Operators (MVNOs), which sell mobile services to customers without owning the underlying infrastructure.

Ribbit’s investment in Gigs is notable as it comes at a time when VC資金の大口がChatGPTを展開するOpenAIのようなジェネレーティブAIスタートアップに集中している。

Ribbit is known for its portfolio of fintech investments, including Coinbase, Groww, Nubank, Razorpay and Robinhood.

According to Ribbit, Gigs is the firm’s first investment outside of fintech.

Key Quote: “We're seeing publicly a growing number of neobanks that are launching mobile services. It's the perfect sister product to their existing banking service,” said Hermann Frank, CEO at Gigs, in an interview with TechCrunch.

The company declined to specify its ARR or the latest valuation at which it raised funds.