Financial Solutions Lab (FinLab), a five-year program aimed at harnessing and developing top fintech companies to create products that tackle Americans’ most pressing financial issues and is managed by CFSI with funding lab partner JPMorgan Chase & Co., recently announced applications are open for its fourth Innovation Challenge. According to FinLab, selected companies and nonprofits will each receive a $250,000 investment as well as access to resources that can help them grow.
“For this year’s challenge, we remain focused on identifying new solutions to improve consumer financial health in the United States that have the potential to scale to millions of users. Financial health comes about when your daily financial systems — how you spend, save, borrow and plan — help you build resilience and pursue opportunities. CFSI’s research shows that 57 percent of the U.S. population – or 138 million adults – have difficulty managing their day-to-day financial lives, establishing a cushion for financial resilience and positioning themselves for financial security and mobility.”
FinLab also revealed that during the application period, its team will highlight some of the financial services needs of underserved populations across America, as well as some of the solutions that aim to meet them. It was then reported:
“At the Financial Solutions Lab, we believe it’s important to shine a spotlight on the financial services needs of the most vulnerable – and it’s our greatest hope that by doing so, we may spark greater ideas, bigger thinking, action, and ultimately, innovation that can make more people in Americans financially healthy.”
FinLab added that its alumni have collectively raised over $250 million since joining the Lab and are now serving well over 2.5 million consumers in America. Cumulatively, they have helped their customers save over $1 billion, increased countless credit scores, and prevented over 1 million hunger days.