JPMorgan Chase announced on June 15th the eight winning companies of their third Financial Solutions Lab competition. This year’s competition sought to improve the financial well-being of low-income women, individuals with disabilities, the elderly, and people of color through technological innovation.
The Financial Solutions Lab itself identifies, expands, and tests promising innovations based on improving credit, building assets, and increasing savings for Americans. Together with founding partner JPMorgan Chase & Co., the annual competitions provide incentive to improve financial services, products, and the consumers’ financial health.
“Over the last three years, we have been incredibly impressed by both the quality and volume of applicants to the FinLab,” Jennifer Tescher, founder and CEO of CFSI, said in an article. “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.”
Eight companies won this year’s competition out of more than 300 applicants, receiving access to CFSI’s network and partnership opportunities, one-on-one ongoing mentorship from JPMorgan Chase and CFSI, and other benefits. The winners are:
- Dave, an app that alerts consumers of potential overdrafts with an option to advance $75 to prevent overdraft.
- Grove, delivering personal financial advice to help consumers form a financial plan.
- Point, an alternative for home equity lines of credit and home equity loans through buying into a fraction of the property and paying for a share of the home’s future appreciation.
- Tomorrow, helping to provide working families and millennials with long-term financial security.
- Blueprint Income, streamlining pensions through a pre-determined income stream.
- EverSafe, monitoring investment accounts, bank accounts, credit reports and credit cards to allow elderly Americans protection from fraud.
- Nova, offering the first cross-border credit reporting through global data partnerships.
- Token Transit, an app for mobile devices designed to pay for all forms of public transportation.
