Omidyar Network Empowers Underbanked With Investment in Financial Services Innovator Mango

REDWOOD CITY, Calif., Nov. 18, 2011 /PRNewswire/ -- Omidyar Network today announced it has invested in Mango Financial, a leader in providing innovative financial solutions to underbanked individuals in the United States.   The investment in Mango is part of the impact investing firm's focus on supporting innovative financial services solutions that empower underserved U.S. consumers.  Financial terms of the investment were not disclosed.

Mango offers a suite of services and products specifically designed to meet the needs of the underbanked in America. These services include: prepaid debit cards, bill payment, remittances, high-yield savings (6.0% APY), and renters insurance.  Mango's business model and use of technology enables the provision of these services via a simple, reasonably priced fee structure and with the convenience of mobile payments, mobile account management, direct deposit and one-to-one service via mangomoney.com and retail outlets.

"We at Omidyar Network are enthusiastic about our partnership with Mango and its visionary entrepreneurs, founders Roy and Bertrand Sosa," commented Omidyar Network Investment Director Chris Bishko.  "Mango and Omidyar Network share the belief that new technologies and innovation make it possible to deliver high-quality, transformative financial services to underbanked individuals.  Mango demonstrates that unbanked consumers can be served in a respectful, empowering manner through a financially attractive, sustainable business model."

Omidyar Network's investment in Mango represents the first of several that will support entrepreneurial companies that are focused on providing products, services and financial education to underbanked consumers in the United States.  Emphasis will be placed on those using innovative business models and technologies that can scale to serve millions by improving financial access and strengthening the financial lives of underserved consumers. Omidyar Network will also seek to support organizations that address factors that strengthen the industry and help promote more efficient markets.

"Omidyar Network's legacy of supporting business efforts that generate positive social outcomes made this a natural partnership and one we're especially proud to announce," said Mango Co-founder and President Bertrand Sosa.  For more information about Mango, please visit mangomoney.com.

About Omidyar Network
Omidyar Network is a philanthropic investment firm dedicated to harnessing the power of markets to create opportunity for people to improve their lives. Established in 2004 by eBay founder Pierre Omidyar and his wife Pam, the organization invests in and helps scale innovative organizations to catalyze economic and social change. To date, Omidyar Network has committed nearly $450 million to for-profit companies and nonprofit organizations that foster economic advancement and encourage individual participation across multiple investment areas, including microfinance, entrepreneurship, property rights, government transparency and accountability, consumer Internet and mobile.  To learn more about Omidyar Network, please visit www.omidyar.com.

SOURCE Omidyar Network