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Today the Financial Solutions Lab (FinLab) at the Center for
Financial Services Innovation (CFSI) with founding Lab partner
JPMorgan Chase & Co. (NYSE:JPM) announced eight financial
services innovators as the winners of its third competition, aimed
at identifying solutions that can help Americans improve their
financial health. Each winner will receive $250,000 in capital and
additional resources to test, enhance and scale their products,
many of which are designed to address the needs of often overlooked
populations, such as people of color, low-income women, aging
Americans, and individuals with disabilities. For more information
and graphics, visit
http://finlab.cfsinnovation.com/press-room/.
"Over the last three years, we have been incredibly impressed by
both the quality and volume of applicants to the FinLab," said
Jennifer Tescher, CEO and founder of CFSI. "This year was perhaps
the most competitive yet. We are encouraged to see so many talented
startups and nonprofits focused on finding truly innovative
solutions that can help the 57 percent of Americans who struggle
with financial health."
"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," said Karen Keogh,
Head of Global Philanthropy, JPMorgan Chase. "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."
The broader issue of financial health was selected as this
year's challenge because 57 percent of Americans - some 138 million
adults - have difficulty managing their daily financial lives,
establishing a cushion for financial resilience, and positioning
themselves for financial security and mobility according to CFSI's
Consumer Financial Health Study. Research from the JPMorgan Chase
Institute found that expenses fluctuate by 29 percent - nearly
$1,300 - on a month-to-month basis for median-income households and
that income volatility affects Americans across the income
spectrum, with older families exhibiting a wider range of income
and expense volatility.
The 2017 winners were selected from more than 300 applicants
from across the United States. Winners were announced Thursday
morning at the EMERGE Forum in Austin, TX, an event which gathers
more than 800 banks, credit unions, fintech innovators and other
financial services providers to generate ideas around the new era
of financial services.
Meet the Winners:
-- Blueprint
Income (New York, NY) is creating the future pension - a
simple,
pre-determined income stream backed by insurance companies.
Blueprint
Income makes it easy for anyone, regardless of employer, age,
or
wealth, to head into retirement with guaranteed, lifelong
income.
-- Dave
(Los Angeles, CA) alerts consumers ahead of an upcoming
overdraft and
can instantly advance up to $75 at 0% interest to prevent
overdraft
fees.
-- EverSafe
(Columbia, MD) offers protection for aging Americans and
their
families by monitoring bank and investment accounts, credit
cards and
credit reports, alerting them to any sign of irregular
activity.
-- Grove
(San Francisco, CA) delivers personalized financial advice that
is
accessible and affordable. By pairing technology with advisors,
Grove
puts a comprehensive financial plan within reach for
everyone.
-- Nova
(San Francisco, CA) has built the world's first cross-border
credit
reporting agency by building data partnerships across the
globe.
Nova's Credit Passport accompanies immigrants on all their
moves, so
they need never start building credit from scratch again.
-- Point
(Palo Alto, CA) is an alternative to traditional home equity
loans and
home equity lines of credit. Point buys into a fraction of a
consumer's property, paying today for a share of the home's
future
appreciation. There are no monthly payments, no interest rate,
and
consumers can buy Point out or sell the home at any time.
-- Token
Transit (San Francisco, CA) is a mobile app to pay for
public
transportation that enables low-income riders to have
convenient
access to the transit passes they need. Riders are able to pay
using a
credit, debit, or a prepaid debit card. Token Transit also
partners
with pass programs to distribute free or subsidized passes
to
qualifying riders.
-- Tomorrow
(Seattle, WA) is aimed at providing long-term financial security
to
busy millennials and working families.
Each company will receive networking and advisory opportunities
to grow and scale their business, $250,000 in capital, as well as
the following benefits:
-- Access to the CFSI Network and partnership opportunities that can help
innovators increase product reach
-- 1:1 ongoing mentorship and expertise provided by CFSI and JPMorgan
Chase executives and other industry leaders, including FinLab's
own
Entrepreneur-In-Residence and FinLab year-one member Tyler
Griffin,
founder and CEO of Prism (acquired by PayNearMe)
-- Professional services assistance from industry leaders including CFSI,
ideas42, IDEO.org, Paul Hastings, Promontory Financial, Google
and
others
-- Peer learning opportunities via in-person retreats throughout the year
and regular virtual working sessions
Beyond the support it offers startups selected for its FinLab
program, the Lab also recently issued a $100,000 grant to nonprofit
GreenPath Financial Wellness, a national financial counseling
organization, to support its work creating partnerships with Lab
winners and other fintech providers. In partnering with providers
of innovative financial health solutions, GreenPath plans to offer
complementary tools that enhance its ability to serve and impact
financially struggling Americans.
FinLab's First Two Years
FinLab alumni make up a who's who in fintech innovation, and
include Year One alums Ascend Consumer Finance, Digit, Even,
LendStreet, PayGoal by Neighborhood Trust, Prism (now part of
PayNearMe/Handle), Propel (which recently closed a $4 million
funding round led by Andreesen Horowitz), Puddle and SupportPay, as
well as Year Two companies Albert, Bee, EARN, EarnUp, eCreditHero
(now CreditHero, which recently participated in Tech Crunch
Disrupt), Everlance, Remedy, Scratch and WiseBanyan. A profile of
FinLab's Year One winners is here, and Year Two winners can be
found here.
Collectively, the members of FinLab's first two classes have
raised more than $120 million in funding and acquisition deals, and
today serve more than 1.3 million American consumers. In addition,
more than 100 JPMorgan Chase employees have volunteered their
expertise and leveraged their networks to help winners improve
their products and increase their reach.
STATEMENTS OF SUPPORT
"Protecting older Americans from financial exploitation is
everyone's responsibility," said Debra Whitman, Chief Public Policy
Officer, AARP. "We applaud the CFSI and JPMorgan Chase at the
Financial Solutions Lab for their support of innovative fintech
solutions that protect consumers as they age. Taking steps like
using technology to monitor accounts and create alerts are
essential to stop this growing form of abuse before it ever
happens."
"Access to money and financial management tools are key for
lower-income households to achieve greater financial health and
economic stability," said Janet Murguía, President and CEO,
National Council of La Raza (NCLR)."The Financial Solutions Lab
enables innovators to offer new products and services to help
Latino households manage their finances, thanks to the expertise of
CFSI, and the mentorship and expertise offered by JPMorgan
Chase."
"National Disability Institute has long admired the work of CFSI
and JPMorgan Chase at the Financial Solutions Lab, and the Lab's
dedication toward advancing the financial health of all Americans,
especially those from underserved populations, through
technology-based solutions," said Chris Rodriguez, Director, ABLE
National Resource Center. "Moreover, we could not be more excited
about the Lab's recent pursuit to address the challenges facing
Americans with disabilities with respect to financial
well-being."
"It's exciting to see more entrepreneurs innovating through
technology to build solutions that have the potential for
transformational impact on the financial health of the underserved
community," said Ash Hassan, Strategic Partnerships, Fintech,
Google Play. "Together with CFSI and JPMorgan Chase, we look
forward to helping improve more Americans' financial health."
"We are proud to lend our behavioral science expertise to the
Financial Solutions Lab for the third year," said Josh Wright,
Executive Director, ideas42. "Thanks to its data-driven approach
and mentorship offered by JPMorgan Chase and CFSI, the Lab has
helped so many organizations both improve their products using
insights into human behavior and better reach the growing number of
people trying to achieve financial health. This year's winners will
only add to the Lab's legacy of using fintech to improve the lives
of many."
"We are thrilled to join JPMorgan Chase and CFSI in their work
to help so many innovative companies design breakthrough solutions
to meet the needs of often overlooked populations," said Jocelyn
Wyatt, Executive Director, IDEO.org. "We look forward to helping
advance the Lab's mission to promote financial health for these
communities."
About the Financial Solutions Lab (FinLab)
The Financial Solutions Lab is a $30 million, five-year
initiative managed by the Center for Financial Services Innovation
(CFSI) with founding Lab partner JPMorgan Chase & Co. to
identify, test and expand the availability of promising innovations
that help Americans increase savings, improve credit, and build
assets. The lab will launch a series of competitions to identify
solutions to specific consumer financial challenges. It will
provide incentives for entrepreneurs, businesses, and nonprofits to
enhance financial products and services that address these
challenges and improve consumers' financial health. For more
information, visit http://finlab.cfsinnovation.com.
About the Center for Financial Services Innovation (CFSI)
CFSI is the nation's authority on consumer financial health.
CFSI leads a network of financial services innovators committed to
building a more robust financial services marketplace with higher
quality products and services. Through its Compass Principles and a
lineup of proprietary research, insights and events, CFSI informs,
advises, and connects members of its network to seed the innovation
that will transform the financial services landscape. For more on
CFSI, go to www.cfsinnovation.com and follow on Twitter at
@CFSInnovation.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE:JPM) is a leading global
financial services firm with assets of $2.5 trillion and operations
worldwide. The Firm is a leader in investment banking, financial
services for consumers and small businesses, commercial banking,
financial transaction processing, and asset management. A component
of the Dow Jones Industrial Average, JPMorgan Chase & Co.
serves millions of consumers in the United States and many of the
world's most prominent corporate, institutional and government
clients under its J.P. Morgan and Chase brands. Information about
JPMorgan Chase & Co. is available at www.jpmorganchase.com.
Media:Center for Financial Services InnovationShannon Austin,
703-338-8813saustin@cfsinnovation.orgorJPMorgan Chase &
Co.Amalia Kontesi, 212-270-2376amalia.kontesi@jpmchase.com
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(END) Dow Jones Newswires
June 15, 2017 13:10 ET (17:10 GMT)
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