Infinity Ventures Research
Investment Thesis
Infinity Ventures is a San Francisco- and New York-based early-stage venture firm founded in 2021 by three former PayPal executives: Jeremy Jonker, Jay Ganatra, and Mario Ruiz. The firm's thesis centers on a straightforward observation: the consumer fintech successes of the last decade were built on financial infrastructure that is nearly two decades old, and a new generation of fintech infrastructure needs to be built to unlock access, utility, flexibility, and lower cost for the next wave of use cases. Infinity backs the founders building that infrastructure, as well as the commerce-enablement layer sitting on top of it. The founders describe their approach as "operators-first, investors-second" — they intensify the deal-making, product, and partnership work they began building PayPal Ventures and PayPal Corporate Development, where they led or executed transformational M&A (Venmo, Braintree, Honey, Hyperwallet, Xoom, Swift Financial, iZettle) and venture investments (Plaid, PPRO, Toss, Tink, Acorns, TaxBit, Divvy, Olo, Extend, Paxos, Paidy) as well as growth-equity checks into MercadoLibre, Uber, Pine Labs, and Go-Jek.
Stage Focus
Infinity invests from Pre-Seed through Series A, with an explicit preference for being the first institutional check or an early lead. They will follow on into later rounds of existing portfolio companies (e.g., participating in Series B rounds for Flagright's category peers or SaffronStays' growth round).
Check Size
Published initial check sizes by stage:
- Pre-Seed: $1M–$1.5M
- Seed: $2M–$4M
- Series A: $5M–$10M
Lead Tendency
Infinity both leads and co-leads. Recent examples include leading Flagright's $12.5M Series A and SaffronStays' $3.5M growth round outright, and co-leading HelmGuard's ~$7.3M seed alongside Frontline. In a founder NPS survey cited in the firm's Fund II announcement, 95% of portfolio companies said they would strongly recommend Infinity as a lead investor.
Recent Activity
Infinity closed its debut $158M Fund I in May 2022 and a $184M Fund II in October 2024, bringing total capital raised to roughly $342M (the firm cites $420M in capital deployed across its history, including co-investor capital). The fund remains actively deploying: it led Flagright's $12.5M Series A (June 2026), led SaffronStays' $3.5M growth round (June 2026), and co-led HelmGuard's seed round (September 2026). The firm also grew its team, adding Kamran Ansari (ex-Pinterest Corporate Development, ex-Greycroft) as Venture Partner in October 2025, alongside earlier additions of Levi King (Operating Partner, co-founder of Nav and Lendio) and Leah Adair (Executive Assistant).
Portfolio Highlights
Infinity has backed roughly 30-48 companies (source counts vary) across fintech infrastructure and commerce enablement, and cites 15 unicorns among the founders' collective track record (including Plaid, Acorns, and Extend from their PayPal Ventures days). Current Infinity Ventures portfolio companies span payments infrastructure (Rainforest, Skipify, Pagos, Fun, Card91, Kanmon), compliance and risk (Flagright, HelmGuard, Fairplay), commerce enablement (Durable, Replo, RepRally, Kingpin, Mayple, Fanfare), and vertical fintech (Canopy, Mendel, Mason, Vinyl Equity, SimpleClosure, Givecard, Sensible Weather, Neo.Tax, Botika, Vizit, Postscript, Pinch, Deck, Fintary, Pelgo, Badge). Its newest disclosed investment, SaffronStays, extends the portfolio into managed hospitality/proptech in India.
Team
- Jeremy Jonker — Co-Founder & Managing Partner. Nearly a decade at PayPal across M&A, PayPal Ventures, Global Pricing, Finance, Partnerships, Product, and Engineering; co-founder of PayPal Ventures; previously Head of M&A at Sabre Holdings and an investment banker at JP Morgan.
- Jay Ganatra — Co-Founder & Managing Partner. Ran day-to-day operations of PayPal Ventures; previously led M&A at Yelp and became GM of Online Ordering; earlier at Industry Ventures, Sabre corporate development, and Cogent Partners investment banking.
- Mario Ruiz — Co-Founder & Managing Partner. Former venture investor at PayPal Ventures and Dorm Room Fund, and growth-equity investor at Napier Park Global Capital; started his career in investment banking at Barclays; Kauffman Fellow.
- Kamran Ansari — Venture Partner (joined October 2025). Also Founder & Managing Partner of Kapital Ventures; previously Venture Partner at Headline VC, first outside hire to lead Corporate Development/Strategy at Pinterest through its 2019 IPO, and Principal/Venture Partner/Board Partner at Greycroft.
- Levi King — Operating Partner. Serial entrepreneur; Co-Founder & Executive Chairman of Nav and co-founder of Lendio, both small-business financing/credit platforms.
- Leah Adair — Executive Assistant, supporting the investment team's operations.
Decision Process
Three co-founding Managing Partners run the firm as a partnership, supported by a Venture Partner and an Operating Partner who add sector and operating expertise to diligence and portfolio support.
Founder Preferences
Infinity looks for builders — often first-time or repeat operators who intimately understand the pain points of a specific vertical or local market ("winners are typically homegrown") — building modern fintech solutions serving businesses (SMB to enterprise) or reaching consumers through those businesses (B2B2C), frequently providing the underlying infrastructure other fintech and commerce products are built on.
Geographic Focus
Global reach with an operational base in the Bay Area and New York City. The current portfolio spans the US (Boston, SF, NY, LA, Atlanta, Chicago, Scottsdale, Santa Monica, Mountain View, San Mateo), Canada (Montreal, Vancouver), Israel (Tel Aviv), India (Bengaluru, and now Mumbai via SaffronStays), the UK (London), the UAE (Dubai), and Mexico (Mexico City).