Dec 12 (Reuters) -

Gigs has raised $73 million in a series B funding round led

by Ribbit Capital, the mobile services startup said on Thursday,

marking one of the few investments this year not centered around

artificial intelligence.

All existing investors including Google's

Gradient, prominent Silicon Valley incubator Y Combinator and

venture capital firm Speedinvest participated in the round, Gigs

said.

WHY IT'S IMPORTANT

San Francisco, California-based Gigs helps clients including

neobanks, or online financial institutions, launch mobile

services such as subscription management and phone payment

plans.

Gigs, with its core market in the U.S., will use the funding

to expand its geographical footprint and invest in scaling its

products and services, it said. Earlier in December, Gigs

announced a partnership with Vodafone UK.

CONTEXT

Ribbit's investment in Gigs marks a rare funding round in a

year otherwise characterized by investors funneling billions of

dollars into generative artificial intelligence startups such as

ChatGPT-parent OpenAI.

Ribbit has a portfolio of investments in fintech firms such

as Coinbase, Groww, Nubank, Razorpay and Robinhood

. Gigs is Ribbit's first foray into investments beyond

fintech, the company said.

KEY QUOTES

"Since our launch in 2020, Gigs has significantly increased

its annual recurring revenue (ARR)," said Dennis Bauer, Gigs'

co-founder and president.

The company did not specify its ARR or the latest valuation

at which it raised funds.