Financial Solutions Lab, an initiative created by the Center for Financial Services Innovation (CFSI) JPMorgan Chase & Co, has announced nine winners of the $3m Fintech competition.
FinLab selected the winners based on their ability to improve consumers’ financial health, with each winner receiving $250,000 and additional resources to test, enhance and scale the availability of their products and services.
The winners include financial advice app Albert, microsavings provider Earn, loan optimisation platform Earnup, loan servicer Scratch, financial advisor WiseBanyan, medical bill protector Remedy and freelance expenses tracker app Everlance.
Bee, which offer alternatives to checking and savings accounts, and eCreditHero, which claims to help consumers fix their credit, also won the competition.
The 2016 winners were selected from a pool of over 300 applicants across the United States.
Karen Keogh, Head of Global Philanthropy, JPMorgan Chase said, “Innovation through technology provides an opportunity to increase access to tools that help people manage the inevitable financial shocks that negatively impact households, and ultimately our communities and economy.
“JPMorgan Chase is proud to use our expertise to help FinLab winners improve their products and make financial health a reality for more communities.”
FinLab is a $30m, five-year initiative to identify, test and expand the availability of promising innovations that help Americans increase savings, improve credit, and build assets.
The members of FinLab’s first year included Ascend Consumer Finance, Digit, Even, LendStreet, PayGoal by Neighborhood Trust, Prism, Propel, Puddle and SupportPay.
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