Financial Solutions Lab Announces Winners of $3 Million Fintech Competition to Improve Financial Health of
Overlooked Populations in America
Eight financial technology entrepreneurs focused on delivering innovative financial health solutions chosen
to join lab created by CFSI and JPMorgan Chase
Lab to continue focusing on helping startups improve and scale solutions for populations who face difficulty
managing their financial lives, such as people of color, low-income women, aging Americans and individuals with
disabilities
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:
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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 Innovation
Shannon Austin, 703-338-8813
saustin@cfsinnovation.org
or
JPMorgan Chase & Co.
Amalia Kontesi, 212-270-2376
amalia.kontesi@jpmchase.com
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