Omidyar Network, the impact investment firm created by Ebay founder Pierre Omidyar, is spinning off its fintech investment practice into a new firm called Flourish. Flourish is initially managing $500m in AUM - including a $200m portfolio and $300m in fresh capital.
“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,” said Tilman Ehrbeck, one of the three managing partners leading the new venture. “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.”