The Flourish Ventures team / Photo credit: Flourish Ventures
Flourish Ventures, an early-stage VC firm focusing on fintech, has secured US$350 million in funding. With this, the platform now holds US$850 million under management globally.
Founded in 2019, Flourish was spun out from the Omidyar Network, a social change venture focusing on digital tech that can bring positive change to society. Flourish said it initially focused on digital banking, embedded finance, infrastructure, and insurtech.
By itself, Flourish said it has invested in 71 fintech startups worldwide – including seven unicorns – and counts eBay founder Pierre Omidyar as its sole limited partner.
Flourish estimates that its portfolio firms have reached a combined 250 million people and businesses worldwide.
Some of its notable investments in Southeast Asia and India include Grab Financial Group, Affordplan, ApnaKlub, CredFlow, and Mapan. According to Flourish, there are millions of people in Southeast Asia who don’t have a regular paycheck, struggling to access banking services and working capital credit, so the firm chose to invest in companies working to address with this issue.
The company would be using the freshly raised funds to double down on fintech investments across Africa, Asia, Latin America, and the US.
See also: SEA fintech sector hits funding slump in H1 23, but insurtech holds up
Editing by Miguel Cordon and Dhania Putri Sarahtika
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