The Financial Solutions Lab, an initiative launched and managed by the Financial Health Network and JPMorgan Chase, has received an additional $10 million commitment by Prudential Financial, expanding the coffers to $60M over a 10-year period.
Established six years ago, The Financial Solutions Lab’s mission is to support and scale fintechs that advance the financial health of low- to moderate-income (LMI) consumers and historically underserved communities.
With many underserved workers and students struggling with lost jobs or income as a result of the Covid-19 crisis, the Lab has opened its accelerator to four new companies that are tackling pandemic-related issues such as remote learning, the cost of reskilling, and more.
Garry Reeder, VP of innovation and policy at the Financial Health Network, says: "Our latest Accelerator will focus on how fintech can support workers and students, and the support from JPMorgan Chase and new partner Prudential Financial will help us offer new solutions to the challenges faced by millions of struggling Americans.”
Each team in the Accelerator cohort will receive $125,000 in capital, access to the Financial Health Network and partnership opportunities that can help companies increase product reach, one-on-one ongoing mentorship and expertise provided by JPMorgan Chase executives, and peer learning via virtual retreats and working sessions throughout the year.
Of the new $10 million investment, Lata Reddy, senior vice president of inclusive solutions at Prudential Financial and chair of The Prudential Foundation, comments: “Our partnership with the Financial Solutions Lab will get capital into the hands of startups to help fund and scale solutions for a broad and diverse population, including low- to moderate-income individuals and those in underserved communities, and further our combined reach and impact. As a financial service organization, we have a responsibility to build solutions that serve all Americans.”