Omidyar Network, an impact investor, as per a recent press release statement has announced the launch of Flourish, a new venture company looking to attract entrepreneurs, as part of its Financial Inclusion Initiative.
Flourish, with a staff of 18 and an existing $200 million portfolio across the US and emerging markets, will have an additional $300 million at its disposal over the tenure of five years. Flourish, has backing and support of Pam and Pierre Omidyar, the founder of eBay.
According to Tilman Ehrbeck, one of the three managing partners who’ll be leading the new venture, the core focus of Flourish’s mission is to deploy capital to create individual opportunity, thus shape a more inclusive economy – where everyone does better.
As per Omidyar, in the past decade alone, 1 billion+ people have been financially included, yet the situation is not satisfactory in many emerging markets, with over fifty percent of the working-age adults still living and working in the informal economy, where they’re often reluctantly self-employed without any safety net or adequate resources to cushion them in crisis. Concluding Omidyar said that the majority of US households are still not financially healthy, and they live on a paycheck-to-paycheck basis, without much savings.
The new venture firm, having an over 40 fintech companies portfolio, will help low- and middle-income households and small businesses to upgrade themselves, improving their financial standing.