JPMorgan Invests $3 million on Eight FinLab Startup Winners

  • FinTech StartUps
  • 19.06.2017 08:15 am

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.

“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.

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