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Financial Solutions Lab receives $10 mn funding & support from Prudential Financial

Garry Reeder, VP of innovation and policy at the Financial Health Network

The Financial Solutions Lab, launched and managed by the Financial Health Network and JPMorgan Chase has announced an additional commitment by Prudential Financial, expanding it’s funding to $60mn over ten years.

Financial Solutions Lab is planning to use the investment to bolster its technical and financial support for innovative FinTech companies that are helping improve the financial health of people in low- to moderate-income (LMI) households and historically underserved communities in the U.S. Additionally, the company has also announced the selection of sixth Accelerator cohort to help develop solutions to advance the financial health of underserved workers and students amid the COVID-19 pandemic.

“The pandemic and unfolding economic crisis have heightened challenges for workers and students to extraordinary levels – especially for those who are already struggling. The Financial Solutions Lab’s programs are in a position to provide relief in a way that improves the financial health of those who need it most. 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,” said Garry Reeder, VP of innovation and policy at the Financial Health Network.

Prudential has joined the Financial Solutions Lab with a $10mn commitment over the next five years, growing the initiative to $60M over ten years. The commitment is in line with the company’s mission to solve the financial challenges of the changing world. Through cross-sector alliance with organisations like the Financial Health Network, the company aims to find new ways to help financially vulnerable people on their path to financial wellness.

The company is joining Financial Solutions Lab founding partners Financial Health Network and JPMorgan Chase to support the Financial Solutions Lab and its 3 main areas of programming:

  1. The Financial Solutions Lab Accelerator which is focused on financial health,
  2. The Financial Solutions Lab Collaborative, which will focus on identifying and exploring innovative solutions that are not yet available in the market to address financial health needs,
  3. The Nonprofit-Fintech Exchange, a commonplace for interested nonprofit organizations and FinTech providers to explore collaboration and swap insights to maximise their collective impact on the communities they serve.

“Prudential has a long history of investing in initiatives and partnerships that improve financial health. 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,” said Lata Reddy, senior vice president of inclusive solutions at Prudential Financial and chair of The Prudential Foundation.

The Financial Solutions Lab Accelerator selected four new FinTech innovators for its sixth cohort. The new companies are Climb Credit, Edquity, Finli and Summer. The companies are focused on developing products and services to advance the financial health of underserved workers and students who are significantly affected by the COVID-19 pandemic.

“The impact of the COVID-19 crisis on underserved communities, especially communities of color, is making the need for inclusive digital solutions that advance the financial health of impacted students and workers even more urgent. Improving the financial stability and resiliency of underserved communities in the U.S. has to be at the core of our recovery,” said Colleen Briggs, head of financial health and community development, JPMorgan Chase.

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