Spice Expeditions, LP Research
Overview
Spice Expeditions, LP is a thematic fintech investment adviser based in Westport, Connecticut. It is a Delaware limited partnership formed on May 15, 2024, founded by Nick Huber, who spent seven years at Ribbit Capital (2017 to 2024) and earlier ran corporate development at LendingClub. Its tagline is "generational financial brands in unexpected places." The firm's own website (spice.vc) is a Squarespace placeholder with a logo and no thesis, team or portfolio pages; everything below comes from its SEC Form ADV, press releases from portfolio companies and third-party databases.
Investment Thesis
Spice backs global fintech founders at the intersection of money and technology, with an explicit bias toward markets outside the usual US and Western Europe hubs. Its portfolio runs through Mexico, Venezuela, the Philippines, Latin America and Eastern Europe, which fits the "unexpected places" language. The Form ADV describes a thematic adviser with two product lines: Flagship Funds for early-stage global fintech venture capital, and single-investment Ultraspice Opportunity Vehicles for later-stage opportunities and structured or debt-plus-equity deals.
Stage Focus
The Flagship funds target early-stage fintech, but the disclosed deals span Series A through Series C, plus debt and equity packages. Examples are the Series A in Cashea (led), the Series B in Flex and Yendo, and the Series C in Plata. Caplight classes the firm as mid-stage. The Ultraspice vehicles are the route into later-stage rounds.
Check Size
No check size is published. Form ADV lists about $195.9 million of regulatory assets under management, of which about $166 million sits in venture capital funds and about $29.7 million in private equity funds. Cashea's $40 million Series A, which Spice led alongside Architect Capital, and the $28 million equity portion of Salmon's $88 million raise show it can write or lead large rounds. No check range is claimed here.
Lead Tendency
Both. Spice led Salmon's equity round in June 2025 and Cashea's Series A in March 2026 (announced July 2026), and co-led Cashea's later $100 million financing with FinSight Ventures. It participated without leading in Plata's $405 million Series C, Flex, Yendo, Imprint, Float Financial and ID Finance.
Recent Activity
The firm is actively deploying. In 2026 it joined Plata's $405 million Series C at a $5 billion valuation (April), co-led Cashea's $100 million raise (July), joined ID Finance's EUR 545 million debt and equity financing (October), and returned for Salmon's $140 million raise (October). Earlier deals include Midas (August 2025) and Flex (December 2025). 1809 Capital announced a fund-of-funds commitment to Spice in September 2025, its first from its second fund.
Portfolio Highlights
Public portfolio companies include Plata (Mexico, neobank and card), Salmon (Philippines, digital lending), Cashea (Venezuela, buy now pay later), ID Finance (Eastern Europe and Latin America lending), Flex (US rent payments), Midas, Yendo (secured credit card), Imprint (co-brand cards) and Float Financial (Canadian business finance). Data vendors count 10 to 12 investments.
Team
- Nick Huber, Founder and Managing Partner: ex-Ribbit Capital partner focused on payments, insurance, Web3 and fintech; ex-LendingClub corporate development; Miami University alumnus (2012). He is also the chief compliance officer on the ADV.
- The ADV reports five employees in total; no other team members are named publicly.
Decision Process
A small founder-led partnership. The general partner is Spice Expeditions Holdings, LLC and Nick Huber is the principal owner and managing partner, so decisions are effectively made by one person.
Founder Preferences
Founders building large consumer or SME financial brands in underserved or non-obvious geographies, often credit, payments and card products. The firm tends to return for follow-on rounds in winners (Plata, Salmon, Cashea).
Geographic Focus
Global, with emphasis on Latin America (Mexico, Venezuela), Southeast Asia (Philippines) and Eastern Europe, plus selective North American deals.
Gaps
No published check size, fund size by vintage, or additional partners. No portfolio page exists on spice.vc, so the portfolio comes from press releases and databases and may be incomplete.