FinTech innovators interested in joining FinLab’s fourth-year class can now complete and submit an application.
To date, the Financial Solutions Lab has supported 26 financial technology companies offering products that reach over 2.5 million Americans and have seen 15x growth since joining the Lab.
Collectively, FinLab companies have raised over $250 million in capital since joining the program.
In this year’s Challenge, the Lab is interested in products developed by entrepreneurs of color, women, and people with disabilities, and designed to meet the financial needs of often overlooked populations.
Despite improvements in recent years, all-women teams of entrepreneurs received just $1.9 billion of the $85 billion total invested by venture capitalists last year and only an estimated 3 percent of the venture capitalist workforce is black while only 4 percent is Hispanic or Latino.
Applying for the Challenge
Applicants to the Challenge are encouraged to share how their products can help consumers improve their financial health, how their company or nonprofit will succeed in serving a diverse market and how their teams reflect this diversity. The deadline to apply is April 11, 2018.
Complete and submit an application at http://finlab.cfsinnovation.com.
Each winning organization will receive $250,000 in capital, professional services assistance from industry leaders such as ideas42, IDEO.org and Google, strategic guidance from the FinLab’s industry-leading advisory council, and resources from founding partners CFSI and JPMorgan Chase, including the JPMorgan Chase employee mentorship program.
Winners will be announced on stage at the EMERGE Forum 2018, held June 6-8 in Los Angeles, CA.
In January, the FinLab celebrated the culmination of its third cohort of eight fintech innovators.
The three FinLab classes to date have included startups rethinking how to address such issues as:
One early FinLab company, Prism, was acquired by PayNearMe, now Handle Financial.
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 Financial Solutions Lab, with founding partner JPMorgan Chase & Co., launched its fourth annual $3 Million Challenge to identify innovators and products that can help improve the financial health of underserved populations in the U.S.
For more information, visit http://finlab.cfsinnovation.com.
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