In early March, Omidyar Network announced the spinoff of its financial inclusion initiative into a venture firm investing in entrepreneurs whose innovations help people achieve financial health and prosperity. As an evergreen fund, Flourish deploys patient capital with a long-term perspective.
Forbes contributor Anne Field discussed the spinoff with Flourish managing partners Tilman Ehrbeck, Emmalyn Shaw and Arjuna Costa. Read highlights of their conversation below.
“We felt it was important to start as a new firm that has a view of what a fair system would look like, is purpose driven and works with like-minded entrepreneurs whose innovations help people achieve financial health and prosperity,” says Managing Partner Tilman Ehrbeck.
It’s Omidyar’s third spinoff. Last year, it turned its governance and citizen engagement initiative into Luminate. Before that, Omidyar spun out its emerging technology effort into Spero.
While new fintech ventures have allowed more than one billion people around the world to enter the conventional financial world, in many emerging markets more than half of working age adults still live and work in the informal economy, according to Flourish. As for the U.S., the majority of households are not financially healthy, living paycheck to paycheck.
Read the full article here.