Omidyar Network Empowers Underbanked With Investment in Financial Services Innovator Mango
Monday, November 21, 2011
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.”