We are excited to announce the 16 finalist organizations that are in the running to be part of the second class of the Financial Solutions Lab (FinLab) at CFSI with founding partner JPMorgan Chase & Co.
Selected from more than 300 applicants, these 16 companies represent the most promising early stage innovations aiming to help Americans weather financial shocks, the consumer challenge that FinLab seeks to address.
Each company will present their solution to a panel of judges during CFSI’s annual EMERGE Forum; this year’s judges include industry leaders in banking, consumer advocacy, nonprofits, investments and entrepreneurship.
The finalists will also demo their products to EMERGE conference attendees, who will vote on their favorite innovations. Between the panel of judges and EMERGE attendee voting, the second class of the Financial Solutions Lab will be chosen and announced on June 16.
Meet the finalists:
Albert is a mobile app that improves financial health with practical financial advice and in-app actions that can be taken. Albert partners with handpicked financial institutions — like banks, lenders, and insurers — to seamlessly integrate their services within Albert’s app experience.
Bee is a fintech startup built on the principle that all Americans deserve convenient, high quality retail financial services. Bee partners with CFSB to offer mobile-first alternatives to checking and savings accounts, and uses pop-up kiosks and street teams to sign up customers in-person in the neighborhoods where they live and work.
Blooom is an online Registered Investment Advisor bringing professional retirement portfolio management to the 90+ million Americans saving for their retirement who struggle to understand and manage the complex choices within their employer-sponsored accounts. Through intuitive imagery, simple language, and flat-rate pricing, blooom makes professional 401(k) management accessible to everyone.
DoubleNet Pay is a highly secure, enterprise-grade software engine that powers automatic short term savings and cash flow management for employees by integrating into existing company, payroll, retirement, and benefits platforms.
EARN is a national nonprofit that gives working families the power to create prosperity for generations. As the nation’s leading microsavings provider, EARN gives families the tools to achieve life-changing goals like saving for college, buying a first home, or starting a small business. EARN’s ultimate vision is that millions of well-informed, working American families will achieve financial success through proven strategies, fair public policy, and their own hard work.
EarnUp is a pro-consumer community dedicated to helping every American simplify their financial life and save. EarnUp’s loan optimization platform intelligently syncs micropayments with income and automates real-time savings based on the consumer’s personal lifestyle and finances.
80 percent of credit reports contain an error. For the 108 million Americans whose credit score prevents access to quality credit, the process to repair these errors can be intimidating and overwhelming. eCreditHero helps consumers fix their credit for free, helping to qualify the unqualified and unleash large untapped markets for financial services.
Everlance is an app that allows freelancers to automatically track their business miles and expenses. Everlance leverages this data to help freelancers make better financial decisions. Today more than 10,000 people rely on Everlance.
FlexWage solves a massive socioeconomic problem, providing financial empowerment benefits to employers of lower and middle income (or “LMI”) workers. WageBank enables employees to access their accrued wages within the pay cycle, avoiding costly encounters with bounced checks and predatory lending, so that they can better manage short term cash flow challenges.
Lenny, a mobile-exclusive lending platform, offers credit lines to Millennials ranging from $100 to $10,000. The company uses alternative data — such as social data — to evaluate credit-worthiness. Users can cash out to their bank accounts or pay friends using the P2P payment functionality. Lenny also offers free credit scores via its FICO partnership.
Long Game helps people save for their future by providing prize-linked savings accounts through a fun, engaging, and beautiful mobile experience.
Over $1 trillion in independent contractor income annually in the U.S. is locked in a 30, 60 or 90-day invoicing cycle — and individual and business expenses don’t wait for an invoice to get paid. With Qwil, independent contractors can avoid the invoicing cycle and get paid instantly. Qwil is a Public Benefit Corporation dedicated to providing independent contractors with the financial tools they need to thrive.
Remedy protects people from medical bill errors and overcharges, saving the average family over $1,000 per year. Acting on behalf of the patient, Remedy intercepts every bill, resolves any errors directly with providers, and makes it easy for patients to pay the correct balance online.
Scratch is a modern-day loan servicer that delivers a borrower-first experience by leveraging technology to significantly improve the consumers’ ability to understand, manage, and repay their loans while helping transform the servicing ecosystem for both borrowers and lenders.
100 million working Americans lack disability insurance. SimpleDisability helps institutions and individual agents identify clients that would have a high propensity to purchase disability insurance and creates automated marketing to target those clients. Clients can then access a fully-digital, 10-minute application and underwriting process — a vast improvement over the paper-intensive, 6-month process that exists today.
WiseBanyan is the world’s first free financial advisor. WiseBanyan builds and manages tailored investment plans to reach financial milestones such as retirement, creating a rainy day fund, or purchasing a home. Clients simply link a bank account, and WiseBanyan’s end-to-end infrastructure automates the achievement of their financial goals.
Interested in learning more about these innovators?
Join us at EMERGE in New Orleans on June 15-17. To learn more about previous FinLab winners, be sure to check out Profiles in Innovation. For a thoughtful look at how FinLab has helped fintech companies progress, read this story in The New York Times.
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