In a recent post, “The Next Five Years of the Financial Solutions Lab,” The Financial Health Network shared exciting news about the Financial Solutions Lab founding partner JPMorgan Chase & Co. announcing a renewed commitment to the Financial Solutions Lab and their shared mission to broaden access to innovative tools and services that improve financial health for consumers everywhere – especially those in underserved communities. Read excerpts of what they shared below, and read the full post here.
Over the last five years, the Financial Solutions Lab has grown to become recognized as one of the top fintech accelerators – and the only one focused on financial health in the country – with cohort alumni hailing from nine cities across seven states. This group of nearly 40 companies have served more than 4.5 million consumers, helping them avoid more than $1 billion in fees and interest expenses.
Additionally, we’ve done some pioneering work in aligning nonprofits and fintechs – a cross-sector collaboration that allows both groups to further their reach and impact.
The Financial Solutions Lab has established a proven platform from which we can continue our mission and improve the financial health of consumers. Beyond that, the Lab will be expanding its assistance to companies and nonprofits in support of this mission, and revealing important details for future participants. Here’s a snapshot of what’s to come:
Ongoing cohort support: We’ll continue to work with and mentor past cohort companies. In fact, several workplace companies (including Brightside, Even, HoneyBee, Manifest, MedPut, and Onward) are currently engaged in a research project with the Financial Health Network and Washington University in St. Louis to analyze the impact of their fintech solutions on employee financial health.
Building on success: In 2020 and beyond, we’ll continue our fintech accelerator programs but will also expand our nonprofit-fintech exchange efforts and explore unmet consumer needs, specifically for low-to-moderate-income individuals.