The Financial Solutions Lab will focus on creating Fintech tools to help people increase savings, reduce debt and meet their long-term goals. JPM describes the commitment as a “philanthropic investment” which follows an earlier $30 million commitment to the Network.
As part of the announcement, JPM announced a new brick and mortar branch in Harlem, New York. The “model” branch will be replicated in other cities next year. As physical branches decline in relevance around the world, JPM is seeking to reinvigorate the concept by making the branches destinations by holding events and strengthening relationships within the immediate community.
According to JPM, the Harlem branch has already held over 30 community events, including sessions led by local nonprofit organizations Neighborhood Trust Financial Partners – focused on promoting financial health — and Hot Bread Kitchen – focused on skills training. These nonprofit organizations have also received $2 million from JPM.
The branch is also collaborating with Google to host free sessions led by a Google Digital Coach. Classes include topics that support their careers or businesses, like how to build websites, manage social media, create resumes, and master other digital tools.
Over the past five years, the Financial Solutions Lab has provided capital, mentorship from JPMorgan Chase employees and other resources to approximately 40 financial technology companies from more than 1,600 total applicants.
Of note, Financial Solutions Lab alumni have raised more than $500 million in follow-on funding.
The 2020 Fintech accelerator challenge topic and details for applicants will be announced late October.