Investment thesis
Flourish Ventures is a global early-stage venture fund focused on fintech and mission-driven financial services. It backs ambitious founders reshaping financial systems, with an emphasis on hands-on, founder-friendly support that goes beyond capital. Beyond funding, the firm nurtures founders through development workshops and one-on-one work with its investment team, helping build self-awareness and resilience. Flourish invests globally, with notable activity across the United States, Latin America, Africa, India, and Southeast Asia, and highlights a strong commitment to backing female founders and companies advancing inclusive, impactful financial systems.
Invests inFintechImpact & Social GoodAfricaAsia-PacificBangladeshBrazilColombiaGlobalIndiaLatin AmericaMexicoSan FranciscoSouth AfricaUnited KingdomUnited States Source: firm website, verified Aug 3, 2026.
Team · 35 people
from the firm's website & public directoriesES
Emmalyn Shaw· Co-Founder and Managing Partner· San Francisco Bay Areain𝕏Emmalyn Shaw, a co-founder with nearly 25 years in venture, is a fintech specialist across digital banking and embedded finance, backing mission-driven founders and championing founder mental health via podcasts.
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Ameya Upadhyay· Venture Partner· Londonin𝕏Ameya Upadhyay is a General Partner at Flourish Ventures who invests in founders building financial infrastructure across Africa, the Middle East, and other emerging markets, with an emphasis on global and cross-border payments as well as blockchain-native companies. He helped launch Madica, the firm's Africa-focused pre-seed program. Before Flourish he worked at Omidyar Network and Bain & Company, and he holds an engineering degree from Delhi College of Engineering and an MBA from the Indian Institute of Management Ahmedabad.
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Audrey Marrache· Corporate Paralegal· Atlanta Metropolitan AreainAudrey Marrache is a Corporate Paralegal at Flourish Ventures, where she supports the legal team on venture financings, contract management, corporate governance, and entity administration. She previously worked as a Corporate Paralegal at Bryan Cave Leighton Paisner LLP, supporting M&A, joint ventures, and venture capital transactions, and earlier spent over a decade as a legal assistant at law firms and a private family office. She holds a B.A. in Linguistics from the University of Georgia.
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Charlee Brady· People Operations Manager· Greater Seattle AreainCharlee Brady is People Operations Manager at Flourish Ventures, where she supports the firm and its portfolio companies with organizational culture, company events, compliance systems, and human resources functions. She previously served as a contract executive administrative assistant to Flourish team members and worked as an Account and Operations Manager at The Social Project, a marketing agency. She holds a bachelor's degree in Communications from Washington State University.
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Diana Narváez· Associate· Colombiain𝕏Diana Narváez leads Flourish Ventures' investing in Latin America, working with regional fintech founding teams. Before joining Flourish, she oversaw strategy and business development at Picap, a Colombian ride-hailing and last-mile logistics startup, and earlier co-founded Impulsum Capital, an impact investing vehicle for family offices in Colombia. She previously worked at McKinsey in Mexico and JPMorgan in Brazil, holds a bachelor's degree in accountancy from Northern Illinois University and an MBA from Cornell University, and completed Stanford's VC Unlocked program.
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Efayomi Carr· Principal at Flourish Ventures· Kenyain𝕏Efayomi Carr is a Principal at Flourish Ventures. He is also a co-founder and board observer of Madica.
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Evelyn Ng· Operations TeaminEvelyn Ng oversees financial operations at Flourish Ventures, managing valuations, accounting, budgeting, financial systems, audits, reporting, and financial compliance. She has a background in valuations and finance and played an instrumental role in completing Flourish's operations setup.
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Evi Muco· Investor, U.S. Investment Team· United StatesinEvi Muco is a member of the U.S. investment team at Flourish Ventures, involved across sourcing and execution with a focus on fintech founders. Before Flourish, he was an investor at Ribbit Capital and Partech, concentrating on emerging markets with an emphasis on Africa, and he founded IFH Lab, a fintech and financial health accelerator in Canada. He earlier worked at Accenture advising banks on digital transformation, and holds an MBA from Stanford University and a BCom in Finance from McGill University.
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Garret Chiem· Investment Lead· San Francisco Bay AreainInvestment Lead at Flourish Ventures, a fintech-focused early-stage venture capital firm.
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Harsh Gupta· Associate· Mumbai, Indiain𝕏Harsh Gupta is Flourish Ventures' lead investor in India, where he sources deals and works with fintech portfolio companies across the region. Before joining Flourish as an Associate, he spent about four and a half years in venture debt at InnoVen Capital (formerly Silicon Valley Bank, India) and Alteria Capital, and earlier worked at Vodafone India in rural business development, supply chain, and finance. He is a Chartered Accountant (ICAI) and holds a Bachelor of Commerce with Distinction from N.M. College of Commerce and Economics, Mumbai University.
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John Onwualu· Principal· San Francisco, CaliforniainJohn Onwualu is an investor at Flourish focused on financial infrastructure. Before Flourish, he was a Managing Director at the U.S. International Development Finance Corporation, where he built and led the agency's first direct equity investment platform, and earlier worked at SoFi on new business launches, acquisitions, and IPO preparation. He began his career at Morgan Stanley trading emerging-markets debt and later in investment banking, and holds a Finance degree from the Wharton School with a minor in African Studies.
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Kabir Kumar· Partner· Washington, District of Columbiain𝕏Kabir Kumar, a founding partner with an Ecosystem mandate building fintech policy and networks, has two decades' regulation experience and focuses on crypto security and fraud-prevention after a personal scam.
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Karen Rizkallah· Senior Investment Analyst· São Paulo, São Paulo, BrazilinKaren Rizkallah is a senior investment analyst at Flourish Ventures, working across the investment process in Latin America including sourcing, evaluating, and executing deals, as well as exploring new investment themes. She previously worked at Banco Santander in New York in the Trade Finance division, structuring liquidity solutions for corporate clients. She holds a B.S. in business and political economy with a minor in social entrepreneurship from New York University's Stern School of Business.
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Katie Sarro· Head of Global Marketing· San Francisco, California, United StatesinKatie Sarro is Head of Global Marketing at Flourish Ventures, supporting investment teams across the U.S., Africa, India, Latin America, and Southeast Asia and advising the firm's fintech portfolio companies on branding, storytelling, media relations, and communications. She previously led marketing and research at Kauffman Fellows, served as Managing Director of MEST in Africa, and led marketing at the 88mph accelerator. She was also a Partner at Silicon Foundry, an advisory firm connecting large corporations and governments with early-stage companies.
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Larry Cook· Partner and Chief Financial Officer· San Francisco Bay AreainLarry Cook is Partner and Chief Financial Officer at Flourish Ventures, where he leads global investment operations, finance, portfolio management, and technology functions. Since the firm's evergreen fund launched in 2019, he has built its finance and operations infrastructure and assembled the supporting team.
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Lisa Mikkelsen· Head of Global Human CapitalLisa Mikkelsen is Head of Global Human Capital at Flourish Ventures, where she leads the firm's global HR strategy, workplace culture, and people development across the firm and its portfolio companies. She joined as part of Flourish's founding team and previously spent eight years helping build the Human Capital team at Omidyar Network, after beginning her career recruiting for two Silicon Valley startups. She holds a bachelor's degree in Psychology and Human Development from UC San Diego.
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PCPat Christen· Board MemberServes on the fiduciary board overseeing Flourish Ventures' strategic priorities and operations, associated with The Omidyar Group.
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Peter Lagrotteria· Investment Team (U.S.)· San FranciscoinPeter Lagrotteria is a member of the U.S. investment team at Flourish Ventures, where he evaluates prospective investments and helps portfolio companies grow. He previously worked in investment banking at Citigroup and Deutsche Bank in New York, covering M&A and equity offerings in the banking and specialty finance industries. He holds a bachelor's degree in Management from Boston College, with a concentration in Finance and Business Analytics.
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Philippe Mallette· Member, U.S. Investment Team· San FranciscoinPhilippe Mallette is part of the U.S. investment team at Flourish Ventures, where he sources and evaluates deals and works with portfolio companies on growth. He previously worked at L.E.K. Consulting, advising companies ranging from early-stage startups to Fortune 500 tech firms on growth strategy. He holds a BA in Economics from the University of Chicago and focuses on financial technology.
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Ravi Kaushik· Executive Director and Head of Asia Investments· SingaporeinRavi Kaushik is Executive Director and Head of Asia Investments at Flourish Ventures. He authored an outlook piece on venture investment themes for India in 2025, focusing on areas such as digital banking and infrastructure, climate fintech, embedded finance, and domestic and cross-border payments.
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Reon Cloete· Global Head of Legal· New York, New York, United StatesinReon Cloete is the global Head of Legal at Flourish Ventures, overseeing the legal function across the firm's geographies in the U.S., Africa, India, Latin America, and Southeast Asia, and advising the firm and its portfolio companies from early-stage financings through exits. He previously served as Legal Counsel at GV (Google Ventures) and was an associate at Gunderson Dettmer in New York, beginning his career focused on M&A in New York and South Africa. He is admitted to practice law in South Africa and New York, and holds LLB and LLM degrees from the University of Cape Town and an LLM from Harvard Law School.
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Sarah Morgenstern· Venture Partner· Washington, District of Columbiain𝕏Sarah Morgenstern is an Investment Partner on the U.S. investment team at Flourish Ventures, where she sources, executes, and manages investments focused on improving financial health and economic opportunity for American households. She previously served as a principal for investments at Omidyar Network and as a manager at McKinsey & Company leading strategy and corporate finance engagements. Earlier in her career she was a consultant at APCO Worldwide in Beijing and a Princeton in Asia Fellow at Dalian University of Technology. She holds an MBA in Finance from Wharton, an MA in International Economics from Johns Hopkins SAIS, and a BA in History from Yale.
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Shivam Satija· Associate· BengaluruinShivam Satija is a Senior Investment Analyst at Flourish Ventures, where he works on the firm's India portfolio. He previously was a founding member and investment analyst at Dallas Venture Capital, a U.S.-India cross-border firm, and invested at the Bharat Innovation Fund across fintech, SaaS, HR tech, and marketplaces. He holds a Bachelor of Commerce with honors from Delhi University and an FMVA certification from the Corporate Finance Institute.
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Stella Klemperer· Director of Strategy & InsightsinStella Klemperer is Director of Strategy & Insights at Flourish Ventures, where she has led the firm's sector-impact strategy and learning agenda since its 2019 launch, publishing primary research with the investment team and portfolio leaders. She previously worked at Omidyar Network on the future of work and financial inclusion, and earlier at McKinsey & Company and Root Capital, beginning her career working with smallholder farmers in South America. She holds an MBA from Cornell University and a BA in Economics from Brown University.
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Tilman Ehrbeck· Managing Partner· Washington, D.C.in𝕏Tilman Ehrbeck is a Managing Partner at Flourish Ventures. At the 2024 Singapore FinTech Festival, he led a fireside chat with Queen Máxima of the Netherlands, the UN Secretary General's Special Advocate for Financial Health, on the shift from financial inclusion to financial health.
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Tina Moran· Senior Associate· Washington, D.C.inTina Moran is a Senior Associate at Flourish Ventures focused on expanding access to affordable and appropriate financial products. She works to address systemic barriers through a combination of private-sector investments and other initiatives.
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Daniel Gorfine· Advisor· Washington, District of Columbiain𝕏Daniel Gorfine is founder and CEO of Gattaca Horizons LLC, a fintech advisory firm. His background spans regulatory policy, government service, and financial technology, including roles as chief innovation officer at the U.S. CFTC and co-founder of the Digital Dollar Project. He also serves as a board director, angel investor in fintech, and adjunct professor at Georgetown Law.
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What they invest in
from 26 of 44 portfolio companiesFintech ×23AI & Machine Learning ×7Impact & Social Good ×6Crypto & Web3 ×4Enterprise Software ×4SaaS ×4Consumer ×3GovTech ×3
HQs:United States×5India×3Nigeria×2Bangladesh×1Mexico×1
Investments · 44 tracked
founders shown can be your intro pathBy year:2021 · 12019 · 12 dated
SU
AP
ApnaKlubapnaklub.com✓ verifiedApnaKlub is a B2B wholesale platform that supplies retailers, SMEs, and business owners in India's Tier 2 and Tier 3 cities with a wide range of branded products, offering better margins, on-time delivery, and customer support.
B2B MarketplacesE-commerceRetail TechIndia, IN
Shruti(Founder & CEO)Manish Kumar(Co-Founder & COO)Gourav Das(Co-Founder & CPTO)Ashutosh Kumar(Co-Founder & Growth Head)
LILidya HoldingsMay 2021SEC filingmedium confidenceGreenbelt, US
Ashley Lewis(Director)Akintunde Kehinde(Chief Executive Officer)Christian Ruehmer(Director)Ercin Eksin(Director)
Board seatAmeya Upadhyay· per SEC Form D · filed May 2021
AF
Affordplanaffordplan.comAffordplan is a healthcare financing platform in India that helps patients plan and pay for medical treatments.
Digital HealthFintechHealthtech
AF
Afi Globalafi-global.orgin𝕏The Alliance for Financial Inclusion (AFI) is a policy leadership alliance owned and led by member central banks and financial regulators in developing countries.
FintechImpact & Social Good
AK
AL
Alboalbo.mxin𝕏albo is a Mexican digital financial institution (IFPE authorized by the CNBV) offering a fully digital personal account with a Mastercard debit card, transfers, bill payments, and access to credit and crypto through commercial partners.
ConsumerEnterprise SoftwareFintech
AL
Alloyalloy.comin𝕏Alloy provides an identity and fraud prevention platform for financial institutions and fintechs to manage fraud, credit, and compliance risk through real-time data orchestration and AI algorithms integrated with over 200 intelligence sources.
AI & Machine LearningCybersecurityFintech
Tommy Nicholas(CEO)inLaura Spiekerman(President)inCharles Hearn(CTO)in
AP
Apollo Agricultureapolloagriculture.comNov 2019Apollo Agriculture provides financing, farm inputs, insurance, and agricultural training to smallholder farmers, using machine learning credit models to make instant lending decisions.
AgTechAI & Machine LearningFintechOakland, US
Earl Joseph St. Sauver(Director)Seth Todd Silverman(Director)Eli John Pollak(Executive Officer, Director)Eli Pollak(Co-founder & CEO)Benjamin Njenga(Co-founder)Earl St Sauver(Co-founder)
AQ
BE
BI
Bitnobbitnob.comBitcoin exchange + Lightning payments for Africa
BL
BL
BO
Borderless Labsborderless.xyz𝕏Borderless operates a stablecoin orchestration network that connects local banking systems, multiple stablecoins, and foreign exchange services to enable cross-border money transfers for financial institutions and payment providers globally.
Crypto & Web3Fintech
BR
BR
Brigithellobrigit.com𝕏Brigit is a mobile financial health app that helps low-income Americans avoid overdrafts, access emergency cash, build credit, and budget for savings.
Fintech
Zuben Mathews(Co-founder)Hamel Kothari(Co-founder)
CA
CD
Cdficdfi.ininCDFI builds data-driven governance tools and digital payment systems—including direct benefit transfer (DBT) portals and mobile apps—to support financial inclusion, health, and livelihood programs for rural communities, farmers, women's self-help groups, and government agencies across India.
FintechGovTechImpact & Social Good
CG
Cgapcgap.orgin𝕏CGAP works to expand access to financial services for people living in poverty and the unbanked, focusing on inclusive finance and financial policy.
FintechImpact & Social Good
CH
CI
CipherOwlcipherowl.comin𝕏CipherOwl provides AI-powered security and compliance infrastructure for institutional stablecoins and digital assets, automating screening, investigation, and regulatory reporting across blockchain networks.
AI & Machine LearningCrypto & Web3Cybersecurity
CL
Clerkieclerkie.ioClerkie is a full-service automation platform powered by machine learning that helps lenders manage, optimize, and recover loan portfolios through AI-driven repayment strategies and multi-currency payment solutions.
AI & Machine LearningFintech
CO
Consumerreportsconsumerreports.orgin𝕏Consumer Reports is a nonprofit organization that provides product reviews, ratings, and buying advice to consumers, offering access to over 10,000 reviews and an "AskCR" chat assistant.
ConsumerMedia & Entertainment
CR
DI
Digitalfrontiersinstitutedigitalfrontiersinstitute.orgin𝕏Digital Frontiers Institute is an African non-profit offering online professional courses and certifications in areas such as digital finance, financial inclusion, and digital public infrastructure.
EdTechFintechImpact & Social Good
DI
Diniedinie.comDinie provides embedded credit and B2B payment solutions for platform operators, allowing them to offer financial products to their customer base without holding capital or banking licenses.
Enterprise SoftwareFintechSaaS
DO
EA
EarnUpearnup.comEarnUp is a financial technology platform that automates loan debt repayment management for consumers managing mortgages, auto loans, student loans, and personal loans.
AI & Machine LearningFintechSaaSSan Francisco, US
EC
eCurrencyecurrency.neteCurrency builds central bank digital currency (CBDC) infrastructure, covering secure offline minting, digital distribution through regulated financial institutions, and integration with monetary policy and regulatory functions.
Crypto & Web3FintechGovTech
FA
FI
FI
Finreglabfinreglab.orgin𝕏FinRegLab is a nonprofit innovation center that runs empirical research and testing of new technologies and data in financial services to inform public policy and market practices.
AI & Machine LearningFintechImpact & Social Good
FL
Flutterwaveflutterwave.comin𝕏Flutterwave provides payment processing infrastructure and tools that enable businesses and financial institutions across Africa to send and receive payments securely and efficiently.
FintechLagos, NG
Adeleke Adekoya(Founder)inOlugbenga GB Agboola(Founder)in
FS
Fsifsi.ngin𝕏FSI-Sandbox is a sandbox platform that provides developers access to real financial APIs, documentation, and cross-platform SDKs to build and test fintech applications for Android, iOS, and web.
Data & InfrastructureDeveloper ToolsFintech
FU
Fusefuse.meinFuse is a correspondent banking platform that provides banks and fintechs with API-based access to global clearing, named customer accounts, and treasury operations on a non-lending, 100% reserve model.
Enterprise SoftwareFintechSaaS
KA
Kamino Financekamino.financeKamino is a DeFi protocol on Solana that combines lending, liquidity provision, and leveraged trading in a single platform.
Crypto & Web3Fintech
ON
RE
Regulationinnovationregulationinnovation.orgin𝕏AIR (Alliance for Innovative Regulation) is a nonprofit organization that conducts research, advocacy, design sprints, and convenings to help financial regulators and institutions adopt technology-enabled, data-driven oversight.
FintechGovTechImpact & Social Good
Jo Ann Barefootin
SH
ShopUpshopup.orgin𝕏ShopUp operates a full-stack B2B commerce platform connecting mills and manufacturers to small neighborhood shops, handling sourcing, logistics, and financing for these micro-retailers.
B2B MarketplacesE-commerceFintechLogistics & Supply ChainRetail Tech
Afeef Zaman(Founder & Group CEO, SILQ)Ataur Rahim Chowdhury(Co-founder & CEO, ShopUp (Bangladesh))Sujayath Ali(Co-founder & Group COO, SILQ)
TE
TR
TrueBiztruebiz.ioin𝕏TrueBiz provides AI-powered automated analysis of business legitimacy and risk profiles by synthesizing data from the merchant's internet footprint, designed for payments providers and financial services organizations during customer onboarding.
AI & Machine LearningEnterprise SoftwareFintechSaaSMiami, US
Danny Hakimian(Founder)in
US
Useflashuseflash.appin𝕏Flash is a mobile payments app that lets users pay bills (phone, electricity, internet) and complete purchases by scanning and paying on delivery, with payments processed by Banque Misr.
ConsumerFintech
Rows marked “SEC filing” are inferred from directors named on the company's SEC Form D — public regulatory data, not a portfolio list published by the firm.
Exits · 1
IPOs and acquisitions across the tracked portfolioSuper-appNASDAQ: GRAB
Portfolio news
latest coverage across their companiesFrequently asked questions
- What stage does Flourish Ventures invest at?
- Flourish Ventures invests at the Pre-Seed, Seed, Series A stages.
- What is Flourish Ventures's typical check size?
- Flourish Ventures typically writes checks of $100K – $5M.
- What sectors does Flourish Ventures focus on?
- Flourish Ventures focuses on Fintech, Impact & Social Good.
- Where is Flourish Ventures located?
- Flourish Ventures is headquartered in San Francisco, US.
- Does Flourish Ventures lead rounds?
- Yes, Flourish Ventures leads investment rounds.
Flourish Ventures has recently written about emerging infrastructure layers reshaping financial services: tabular foundation models for structured data prediction, AI-powered legal and compliance automation, and tokenization platforms focused on removing asset-specific friction points. AI summary
Media · Podcasts & interviews
featuring the teamFintech’s Next Chapter with Flourish Ventures’ Emmalyn Shaw
Fintech Is Femme · Emmalyn Shaw
Domain Expertise is the Winning Formula in VC - Emmalyn Shaw, Flourish Ventures
Miguel Armaza · Emmalyn Shaw
Emmalyn Shaw, Flourish Ventures - Why Specialist VC Funds Win
Miguel Armaza · Emmalyn Shaw
Emmalyn Shaw, Flourish Ventures - Backing Mission-Oriented Founders
Miguel Armaza · Emmalyn Shaw
Emmalyn Shaw, Flourish Ventures - Always Trust Your Gut
Miguel Armaza · Emmalyn Shaw
Emmalyn Shaw, Flourish Ventures - What Motivates Mission-Driven Founders, Global Fintech Investing
Miguel Armaza · Emmalyn Shaw
Co-investors · 85
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B Capital GroupB Capital Group is a global venture capital firm that backs founders from early to late stage, with dedicated stage-based funds and a portfolio spanning technology, healthcare, and energy and resilience sectors.
$10M – $50M HO
HomebrewHomebrew is an early-stage venture firm backing mission-driven founders, investing its own capital primarily at the pre-seed and seed stages.
$100K – $500K VA
Valar Ventures LlcValar Ventures is a venture capital firm focused on backing exceptionally focused founder teams with large ambitions across fintech, payments, and financial services globally.
$100K – $5M QU
Quona CapitalQuona Capital is a venture capital firm that invests in fintech companies expanding financial access in emerging markets across Latin America, India, Southeast Asia, and EMEA.
$5M PR
Propel Venture PartnersPropel Venture Partners is an early-stage venture capital firm that backs founders building companies for the new economy.
$500K – $5M LI
Lightspeed Venture PartnersLightspeed Venture Partners is a global venture capital firm known for backing AI and technology founders, emphasizing deep, hands-on partnerships with the companies it funds.
Both backed · 1SU
Super-app $1.7M – $87M ME
Menlo VenturesMenlo Ventures is a venture capital firm that backs transformative, early-stage technology companies reshaping how people live and work.
Both backed · 1CH
Chime $1M – $20M CA
Canaan PartnersCanaan is an early-stage venture capital firm backing founders with transformative ideas across technology and healthcare.
$500K – $20M TI
Tiger Global ManagementTiger Global is a research-driven investment firm that partners with innovative, high-quality companies over the long term across various stages of their lifecycle.
$1M – $100M GR
GreycroftGreycroft is a venture capital firm that partners with founders across multiple industries and geographies, investing in software, sustainability, and consumer brands.
$500K – $10M DN
DN CapitalDN Capital is a global early-stage venture firm founded in 2000, investing in Seed, Series A and select Series B companies across Europe and North America.
$100K – $22M ▶73 more co-investors
DCM VenturesGlobal Founders CapitalBetter Tomorrow VenturesInspired CapitalLeft Lane CapitalAnthemis Venture137 VenturesEndeavor CatalystIrishAngelsFinTech CollectiveNazcaCathay InnovationTLcom CapitalAndreessen HorowitzAccelGreylock PartnersAlumni VenturesInsight PartnersBain Capital VenturesEverywhere VenturesSpark CapitalKrakenDST GlobalNextView VenturesOak HC/FTSignalFireAdditionPICUS CAPITALF-Prime Capital PartnersAcrew CapitalQED InvestorsRibbit CapitalAccompliceVillage GlobalCapitalGLakestarCompany CapitalOMERS VenturesSerena VenturesLobby CapitalMucker CapitalPeak XV PartnersMONASHEESPreston-Werner VenturesCommerce Ventures645 VenturesKaszek VenturesCanaryBECO CapitalEvolution Equity PartnersMassMutual VenturesRichmond Global VenturesIterative Instinct CapitalBEENEXTNewfund CapitalAtlanticoAmara VCDGFIA Capital GroupSemperVirens Venture CapitalTwenty Seven Ventures99 StartupsSandalphon Capital1k(x)Altai VenturesK50 VenturesOptimist VenturesAvanta VenturesAcross Capital PartnersIgah VenturesScaleUP VenturesQBE VenturesEmphasis Ventures
Firms observed investing alongside Flourish Ventures, from public investor directories. Shared companies are the overlap with Flourish Ventures's recorded portfolio.