Omidyar Network Spins off Flourish, a Financial Inclusion Investment Firm

As part of Omidyar Network’s plan to update its strategy, focusing in part on the difficult task of reimagining capitalism, the organization recently announced it was spinning off several long-standing initiatives into independent ventures. Earlier this month, the global impact investment firm announced its latest move: Turning its financial inclusion initiative into Flourish, a venture firm aimed at backing entrepreneurs forming impact-oriented financial services enterprises.

It’s Omidyar’s third spinoff. Last year, it turned its governance and citizen engagement initiative into Luminate. Before that, Omidyar spun out its emerging technology effort into Spero.