As the contours of today’s societal challenges have changed, so too must the organizations that seek to address them. At Omidyar Network, we recently updated our strategy to reflect recent trends and shocks to our political, economic, and technological systems.
Simultaneously, we have continued to launch several of our long-standing initiatives as independent organizations to enable them to address global challenges as nimbly and decisively as possible. This process began last year with the launches of Spero and Luminate, and continues today with the creation of Flourish, an evergreen venture fund backing FinTech entrepreneurs who are focused on financial health and prosperity.
Originating as Omidyar Network’s financial inclusion initiative, Flourish’s global team, more than 50 portfolio companies, and relationships with key institutions in the sector represent a wealth of experience, innovation, and dedication to global impact. This launch recognizes and institutionalizes the significant contribution this team has already made — and will continue to make — to the field of financial inclusion. Through a combination of patient capital in support of new ideas, business models, and categories, alongside partnerships with policymakers, thought leaders, and regulators, Flourish will continue to seek and contribute to social impact at scale.
We look forward to watching their ongoing strong and original contributions to financial health and social impact, and working closely with our new sister organization in the days and years to come.
Congratulations, Flourish!more » « less