The new initiative is called Flourish, a vc firm to back startups focusing on financial inclusion; this is Omidyar’s third spinoff after creating Luminate, their governance and citizen engagement initiative and Spero, their emerging technology initiative; their fintech investments already include 40 companies that focus on alternative credit, insurtech, new banks and digital infrastructure; according to Forbes, Flourish has an existing $200 million portfolio and also has another $300 million to allocate over the next five years; the firm will focus largely on seed and Series A rounds but could also participate in future funding rounds for companies already in the portfolio. Source
