Omidyar Network, the family investment office for eBay founder Pierre Omidyar, has spun off its fintech investment arm to promote financial inclusion.
The new company, called Flourish, will back all the entrepreneurs engaged in developing solutions to increase financial inclusion.
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Omidyar Network venture firm
The new firm now has an existing $200m portfolio to support initiatives across US and other emerging markets. It also has an additional $300m to be invested over the following five years.
Backed by Pam and Pierre Omidyar, Flourish now comprises 18 professionals.
The initiative aims to support the households and the working-age adults who do not have adequate access to financial resources.
Flourish MD Tilman Ehrbeck said: “We believe that capital, when deployed to create individual opportunity and change sectors, can shape a more inclusive economy—where everyone does better. That is at the core of Flourish’s mission.
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By GlobalData“We have made remarkable progress in bringing people into the formal financial system, but that has not necessarily translated into better economic outcomes—that is the industry’s next challenge.”
Currently, Flourish’s global portfolio includes more than 40 fintech companies. Most of these companies are engaged in helping low- and middle-income households and small businesses to improve their financial health.
It supports new digital-only, mobile-first challenger banks; new insurance models; and to asset optimisation tools.
