EBay The Place for Microfinance
Short Description
On the online auction giant’s new MicroPlace site, investors can lend as little as $50 to would-be small business owners around the globe
Website: www.microvestfund.com | Filesize: 23kb
No of Page(s): 3
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EBay is no stranger to microlending. The company’s founder, Pierre Omidyar, and his wife, Pam, have devoted hundreds of millions of dollars to microlending through their foundation, the Omidyar Network. The network is the lead investor in Unitus Equity Fund, an $8.5 million microfinance venture investor that finances projects in Asia and Latin America. Pierre Omidyar also gave a $1.4 million grant for the development of software that helps microfinance institutions collect and organize data. “Microlending is just a good fit for eBay,” says eBay spokeswoman Catherine England. “It really leverages eBay’s areas of expertise to address what we see as an emerging market.” Omidyar is also an investor in Kiva, a microlending site run by former TiVo (TIVO) executive Matt Flannery and former PayPal executive Premal Shah.
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