Infinity Ventures Closes $184M Fund II to Scale ‘Operators-First, Investors-Second’ Approach to Global Fintech and Commerce

SAN FRANCISCO & NEW YORK, October 22, 2024 – Infinity Ventures, an early-stage venture firm dedicated to supporting the future of fintech and commerce, announced the successful closure of its $184 million Fund II. Co-founded in 2021 by former PayPal executives Jeremy Jonker, Jay Ganatra, and Mario Ruiz, Infinity Ventures is renowned for its unique ‘operators-first, investors-second’ strategy, underpinned by decades of operating experience and deep connections within the fintech and commerce ecosystems.
With the new Fund II, Infinity Ventures aims to expand its support for founders building transformative solutions across B2B fintech and commerce. The firm has already backed 23 companies and continues to invest in pre-seed through Series A rounds, focusing on fintech enablement and commerce.
“Financial services and commerce remain resilient and critical pillars of the global economy,” said Jeremy Jonker, co-founder and Managing Partner. “With fintech revenue making up only $320 billion of the $14 trillion global financial services market, over 97% of the opportunity in fintech is still untapped. Additionally, with global eCommerce sales projected to exceed $6 trillion this year, and 20% of all retail sales now digital, the next decade offers enormous potential for commerce investors.”
Infinity Ventures has built a solid reputation with founders. In a recent Net Promoter Score (NPS) survey, 95% of its portfolio companies stated they would strongly recommend the firm as a lead investor. Jonker emphasized the team’s commitment to guiding founders through both opportunities and challenges as they scale and grow impactful fintech products and services.
Portfolio Highlights
Infinity Ventures’ portfolio spans various innovative fintech and commerce enablement platforms, including:
- 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 burdens.
- Vinyl Equity – A next-generation transfer agent building critical infrastructure and services for publicly traded companies.
- SimpleClosure – A platform that automates the complex process of shutting down businesses.
- Mendel – A corporate card and expense management platform serving large enterprises in Latin America.
- Durable – An end-to-end “business in a box” platform offering integrated fintech and commerce solutions for service businesses.
- Vizit – An AI-powered platform that delivers real-time, audience-specific eCommerce content insights to leading global brands.
- Replo – A low-code platform that allows businesses to easily build customizable Shopify storefronts.
- Pagos – A payments data platform providing data aggregation, visualization, and monitoring solutions for merchants and payment processors.
- Kanmon – An embedded lending platform enabling fully regulated working capital loans for vertical SaaS businesses and SMBs.
- Skipify – A commerce identity platform that powers seamless one-click checkouts through direct integrations with financial institutions and networks.
- Badge – A no-code Apple and Google wallet platform for engagement automation.
“As operators ourselves, we naturally become an extension of our portfolio companies’ teams,” added Mario Ruiz, co-founder and General Partner. “Our team actively assists with execution work, customer negotiations, and C-level introductions. This operator mindset, combined with deep domain expertise and industry relationships, sets us apart from other sector-focused funds.”
A Track Record of Success
The Infinity Ventures team has deep roots in the fintech space, having led PayPal’s investments in some of the most well-known fintech companies, including Plaid, Divvy, Olo, Extend, Paxos, PPRO, Acorns, and more. Their track record also includes growth equity investments in companies such as MercadoLibre, GoJek, Pine Labs, and Uber, as well as transformative M&A transactions, including Venmo, Braintree, Honey, and iZettle.
Infinity Ventures continues to expand its team, with recent additions like Levi King as Operating Partner, Robert May as Business Operations Partner, Samantha Klingelhofer as Investor, and Leah Adair as Executive and Operational Support. The firm has also opened a new office at Jackson Square in San Francisco.
“With Fund II, we’re excited to support even more founders who are building the future of fintech and commerce,” said co-founder and Managing Partner Jay Ganatra. “The opportunities are vast, and we’re still in the early innings of commerce enablement. Fund II allows us to continue backing those driving transformational change.”
About Infinity Ventures
Infinity Ventures is an early-stage venture firm that invests in companies shaping the future of fintech and commerce. Founded by former PayPal executives, the firm focuses on pre-seed through Series A investments, leveraging its operator experience and industry relationships to help founders navigate challenges and capitalize on opportunities. Infinity Ventures supports fintech and commerce enablement companies through its ‘operators-first, investors-second’ approach.