The Financial Solutions Lab at CFSI is now accepting applications for its third class, with a focus this year on startups and nonprofits with solutions that can improve Americans’ financial health. The Lab, managed by CFSI with founding Lab partner JPMorgan Chase & Co., will provide winners with $250,000 in capital, partnership opportunities, and unprecedented access to industry experts.
CFSI’s 2016 Financially Underserved Market Size Study found that underserved Americans spent $141 billion in fees and interest to meet their financial needs. New innovation is needed to address this massive market opportunity. Over the last two challenges, we’ve seen a growing recognition of the need to improve the financial health of Americans. We’ve also seen that innovative solutions can come a variety of sources, solving problems that were once considered too hard, and for customers that many thought were too difficult to reach.