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For the third consecutive year, the Financial Solutions Lab (FinLab) at CFSI with founding partner JPMorgan Chase will award $3 million in capital and other support to a select group of for-profit and nonprofit innovators who are building products or services that can improve the financial health of Americans. The FinLab is particularly interested in solutions that can impact low- to moderate-income or underserved consumers. The topic of this year's challenge is Improving Consumer Financial Health.
Whether you're nonprofit or for-profit, an established industry player, venture-backed or bootstrapped, you should apply. The Lab is for innovators offering technology-enabled solutions that improve consumer financial health, regardless of stage or type of business.
In addition to up to $250,000 for each company or organization, the Lab will provide national partnership opportunities, mentorship, industry, expertise, networking, peer learning and other customized support.
We are looking for products and services that have the potential to improve consumer financial health. More than half of American adults--approximately 138 million--are struggling financially. This group is larger than just the "unbanked" or "underbanked," which underscores how widespread the consumer challenges are. These individuals are struggling, to varying degrees, with managing their day-to-day financial lives, establishing a cushion for financial resilience, and positioning themselves for financial security and mobility.
To learn more about the state of financial health in the U.S., read our consumer and market research found at http://finlab.cfsinnovation.com.
Final Deadline: Apply by April 27, 2017, 11:59 pm PST