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The Flourish Ventures team
Flourish Ventures, an early-stage fintech investor for the US and emerging markets, has secured US$350 million from Pierre Omidyar, bringing its total funding to US$850 million under management.
Also Read: Despite decline, global fintech funding remains fairly stable: McKinsey report
This funding comes on top of the initial US$200 million in portfolio investments and US$300 million in capital it secured at the time of its spinout from Omidyar in 2019.
The VC firm aims to build towards a permanent capital base while doubling down on the US, African, Asian and Latin American markets. Key investment themes are digital banking (neobanks), embedded finance, infrastructure, insurtech, and regtech. Its active investment areas include next-generation B2B payments, verticalised embedded finance platforms, the transformation of core legacy infrastructure, and data analytics across banking, insurance, payments, lending and identity.
Also Read: Digital payments: Adapting to a changing world
Flourish Ventures has seven unicorns and many exits across our 71 global fintech investments and 18 ecosystem partners. Southeast Asia’s portfolio companies include Brick, Mapan, Qoala, and Ruma (all Indonesia) and Zaapi (Singapore). In 2021, it exited Grab Financial via an SPAC merger.
In India, Flourish Ventures has invested in Affordplan, ApnaKlub, Aquaconnect, CredFlow, Gramcover, Indifi, Kaleidofin, M2P Fintech, MyShubhLife, NeoGrowth Credit, QueueBuster, Scripbox, and ZestMoney (all India). ShopUp (Bangladesh) is also its investee.
Also Read: In Indonesia, the problem is lack of insurance accessibility, not affordability: Qoala CEO
“The work of our portfolio companies has helped improve the financial well-being of more than 250 million people and businesses worldwide. However, we realise there is still plenty more to be done – especially in light of the lingering effects of the COVID pandemic, global conflicts, and climate shocks that are causing alarming increases in household vulnerability,” Flourish Ventures said in a statement. “Digital financial services are lifelines for people and businesses facing emergencies like a health crisis or a natural disaster, as they facilitate access to social safety net programs, payments, credit, and even healthcare.”
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