{"id":15590,"date":"2019-03-07T17:05:03","date_gmt":"2019-03-07T17:05:03","guid":{"rendered":"http:\/\/pr.asianetpakistan.com\/?p=49588"},"modified":"2019-03-07T17:05:03","modified_gmt":"2019-03-07T17:05:03","slug":"flourish-new-venture-firm-focused-on-impact-fintech-spins-off-from-omidyar-network","status":"publish","type":"post","link":"https:\/\/southafricajournal.com\/flourish-new-venture-firm-focused-on-impact-fintech-spins-off-from-omidyar-network\/","title":{"rendered":"Flourish, New Venture Firm Focused on Impact Fintech, spins off\u00a0from Omidyar Network"},"content":{"rendered":"
\n

The evergreen fund launches with $200 million of existing\u00a0assets under management\u00a0and a new commitment of $300 million from Pierre Omidyar, the founder of eBay<\/i><\/b><\/p>\n<\/div>\n

\n

REDWOOD CITY, California, March 7, 2019 \/PRNewswire\/ —\u00a0The Financial Inclusion Initiative at Omidyar Network announced it has spun off to launch\u00a0Flourish<\/a>, a new venture firm focused on backing entrepreneurs whose innovations are helping people across the globe to capture economic opportunity and achieve financial health. The firm launches with a global team of 18\u00a0professionals\u00a0and an existing $200 million portfolio across US and emerging markets, as well as an additional $300 million at its disposal over the next five years. Flourish is an evergreen fund backed by Pam and\u00a0Pierre Omidyar,\u00a0the founder of eBay.<\/p>\n

\"Flourish<\/div>\n

“We believe that capital, when deployed to create individual opportunity and change sectors, can shape a more inclusive economy\u2014where everyone does better.\u00a0That is at the core of Flourish’s mission,” said\u00a0Tilman Ehrbeck, one of the three managing partners leading the new\u00a0venture. “We have made remarkable progress in bringing people into the formal financial system, but that has not necessarily translated into better economic outcomes\u2014that is the industry’s next challenge.”<\/p>\n

In the past decade,\u00a0more than one billion people have been financially included.\u00a0<\/a>Yet, in\u00a0many emerging markets, more than\u00a0half of working-age adults\u00a0still live and work in the informal economy, often reluctantly self-employed without adequate resources or safety nets. In the US,\u00a0the majority of households are not financially healthy<\/a>, often living from paycheck-to-paycheck.<\/p>\n

“As an industry, we have a better understanding of people’s complex relationships with money than ever before, and technology is creating new models for enhancing earnings, protecting against risk, and building wealth,” said Arjuna Costa, managing partner at\u00a0Flourish. “To reshape economic systems and create opportunity for vulnerable\u00a0people around the world, we invest in innovative technologies that give them more control over their financial lives.”<\/p>\n

Flourish’s global\u00a0portfolio\u00a0includes more than 40 fintech companies helping low- and middle-income households and small businesses to improve their financial standing. Investment themes include digital-only, mobile-first challenger banks, including\u00a0Chime<\/a>\u00a0(recently valued at $1.5 billion)<\/a>,\u00a0Aspiration<\/a>,\u00a0Neon<\/a>,\u00a0Albo<\/a>, and\u00a0Tez<\/a>; new insurance models, such as\u00a0MicroEnsure<\/a>,\u00a0Kin<\/a>, and\u00a0Pula<\/a>; and asset optimization tools, including\u00a0United Income<\/a>\u00a0and\u00a0Scripbox<\/a>.<\/p>\n

In addition, Flourish is pushing new frontiers with its investments. For example,\u00a0Steady<\/a>\u00a0connects flexible workers in the US with gig economy jobs, helping them increase their earning opportunities, while optimizing their skills and available time.\u00a0Juntos<\/a>\u00a0is\u00a0re-personalizing the banking relationship in the digital age, creating AI-powered conversations over mobile in 20 languages across the globe.<\/p>\n

“We back entrepreneurs with winning business models to responsibly harness the power of technology to improve their customers’ lives,” said managing partner Emmalyn Shaw.\u00a0“Our portfolio companies represent a new generation of purpose-driven innovators, who\u00a0believe in market-based solutions to empower individuals, and are pushing the boundaries to deliver on that belief.”<\/p>\n

As a sector-change oriented firm, Flourish will also continue to support thought leaders in financial services, as well as forward-thinking regulators and policymakers. This work will build on existing engagements with ecosystem builders, that range from\u00a0CFSI<\/a>\u00a0and\u00a0FinRegLab<\/a>\u00a0in the US, to\u00a0Alliance for Financial Inclusion<\/a>\u00a0and\u00a0R2A Accelerator<\/a>\u00a0across emerging markets.<\/p>\n

Flourish is a venture of\u00a0The Omidyar Group<\/a>. The firm has offices in Silicon Valley, Washington DC, and London, and covers India through a partnership with Omidyar Network India.<\/p>\n

For more information on our why we launched Flourish, read our\u00a0blog<\/a>.<\/p>\n

If you are in Austin for SXSW Interactive, come visit our “Fintech Forward Basecamp” event. Sign up to attend our sessions\u00a0here<\/a>.<\/p>\n

About Flourish
\n<\/b>Flourish is an evergreen fund investing in entrepreneurs whose innovations help people achieve financial health and prosperity. Established in 2019, Flourish is funded by Pam and\u00a0Pierre Omidyar. Pierre is the founder of eBay.\u00a0Managed by a global team, Flourish makes impact-oriented investments in\u00a0challenger banks, personal finance, insurtech, regtech,\u00a0and other technologies\u00a0that empower people and foster a fair, more inclusive economy. For more information visit\u00a0www.flourishventures.com<\/a>\u00a0or join our community through\u00a0Twitter<\/a>,\u00a0LinkedIn<\/a>,\u00a0Instagram<\/a>,\u00a0and\u00a0Medium<\/a>.<\/p>\n

Logo –\u00a0https:\/\/mma.prnewswire.com\/media\/831832\/flourish_Logo.jpg<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The evergreen fund launches with $200 million of existing assets under management and a new commitment of $300 million from Pierre Omidyar, the founder of eBay REDWOOD CITY, California, March 7, 2019 \/PRNewswire\/ — The Financial Inclusion Initiative at Omidyar Network announced it has spun off to launch Flourish, a new venture firm focused on backing entrepreneurs whose innovations […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31],"tags":[],"yoast_head":"\nFlourish, New Venture Firm Focused on Impact Fintech, spins off\u00a0from Omidyar Network - South Africa Journal<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/southafricajournal.com\/flourish-new-venture-firm-focused-on-impact-fintech-spins-off-from-omidyar-network\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Flourish, New Venture Firm Focused on Impact Fintech, spins off\u00a0from Omidyar Network - 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