OMIDYAR NETWORK GRANT

Unitus is pleased to announce its plans to dramatically expand access to financial services for the world’s working poor with a $9 million grant from Omidyar Network, a philanthropic investment firm established by Pierre and Pam Omidyar. This will represent Omidyar Network’s largest grant in microfinance to date, and will allow Unitus to grow its network of microfinance partners and expand into several new regions over the next 3 years. This expansion will enable Unitus’s microfinance institution (MFI) partners to grow rapidly, strengthen their businesses, and reach millions of individuals currently excluded from the formal economic system with life-changing financial services.

"When Omidyar Network participated in the Unitus Leadership Summit last year in the Philippines, Pierre and I were impressed by the energy and enthusiasm with which Unitus and its partners are extending the reach of microfinance and transforming the lives of the poor," said Matt Bannick, Managing Partner, Omidyar Network. “When we look at the incredible results that Unitus and its partners have achieved over the past six years, we are thrilled to continue to support, scale, and champion these innovative organizations as they seek to maximize social impact."

With the Omidyar grant, Unitus will continue to support a rapidly growing portfolio of start-up and early-stage MFIs in developing countries by employing its proven acceleration model. Using this model, in 2007 Unitus partners grew seven times faster than the industry average, as measured by the total number of clients added. Since 2001, Unitus and its partners have reached more than 3.5 million of the world’s poor, making it one of the fastest growing MFI networks. With the support of Omidyar Network and others, Unitus and its partners intend on reaching 15 million of the world’s poor by 2010.

“Omidyar Network is a thought leader in global microfinance, and we’re honored to work with a forward-thinking organization that challenges us to maximize our impact. Through their support we can further expand our network, and use our acceleration model to help our partners double their reach each year,” said Ed Bland, Unitus Chief Operating Officer.