Flourish Ventures, an early-stage venture firm focussed on supporting mission-driven entrepreneurs and industry influencers in the financial industry, has secured $350m in fresh capital.

The new funding brings the fintech venture fund’s total assets under management to $850m.

Previously, Flourish Ventures raised an initial $200m in portfolio investments and $300m in capital during its spinout from Omidyar Network in March 2019.

The fintech venture fund aims to build a permanent capital base along with increasing its fintech investments in the US and across Africa, Asia, and Latin America to create a fairer financial system.

Besides, Flourish Ventures will utilise the fresh capital to continue supporting fintech startups.

It will also help the early-stage venture firm to continue collaborating with policymakers, regulators, industry leaders, and ecosystem players to implement much-needed ongoing improvement in the financial system.

The company’s team is said to partner with more than 70 global fintech founders and 18 ecosystem partners that include industry thought leaders in research, policy and regulation.

According to the early-stage fintech venture firm, the work of its portfolio companies has helped in improving the financial well-being of more than 250 million people and businesses across the globe.

Flourish Ventures stated: “We are eager to roll up our sleeves and continue to work hard at supporting visionary entrepreneurs whose success will push the financial system to do better by its customers in the years ahead.

“With our fresh capital, we will build on our past learnings and double down on the entrepreneurs and ecosystem innovators who are forging a bold new and fair financial system.”