JPMorgan Chase has stumped up $3 million in prize money to entice developers to build applications that directly address consumer debt and financial well-being.
The challenge is the first in a series of initiatives from the Financial Solutions Lab, a $30 million programme established last year in tandem with the Centre for Financial Services Innovation to identify, test and expand the availability of services that increase household savings, improve credit, and build assets.
“Millions of Americans are struggling to make ends meet often juggling uneven income and unpredictable expenses,” says Jennifer Tescher, CEO of CFSI. “Through the Financial Solutions Lab we want to identify and support innovators who are working to meet consumer needs with meaningful, scalable solutions. The Lab will help build the next generation of financial products and services to improve consumer financial health.”
The Lab will accept applications from entrepreneurs and nonprofits competing to receive up to $250,000 in capital, along with national partnership opportunities, industry expertise and mentorship.
The eight shortlisted candidates will be selected by an expert, cross-sector group and announced at CFSI’s Emerge Conference on 11 June.
The closing date for applications is 7 April.