Eight fintech startups pioneering products to improve the financial health of demographic groups in America often underserved by traditional systems have won a competition backed by JPMorgan.
The winners of the Financial Solutions Lab (FinLab) platform were announced this week at the Center for Financial Services Innovation (CFSI). One of those, Dave, helps people avoid hefty overdraft fees by putting up to $75, interest free – into accounts – in advance of any penalties being incurred.
All eight are linked by their efforts to assist neglected sections of society, including women on low incomes, older citizens, and people with disabilities. Each of them will collect $250,000 and access expert support to advance their products.
Jennifer Tescher, CEO and founder of CFSI, hailed the high level of entrants and their work “on finding truly innovative solutions that can help the 57 percent of Americans who struggle with financial health.”
Karen Keogh, Head of Global Philanthropy, JPMorgan Chase, a founding Lab partner, added: “At JPMorgan Chase, we are incredibly proud to mentor and support a data-driven community of innovators who are focused on helping more Americans achieve financial health. We are delighted to see the progress that FinLab alumni have made over the past two years, with their products now serving over a million American consumers, and are confident that this year’s winners will continue to help us reach and empower overlooked populations.”