Financial Solutions Lab reaches $60 Million in funding

Financial Solutions Lab , an initiative launched and managed by the Financial Health Network and JPMorgan Chase,  announced an additional commitment by Prudential Financial , expanding the Financial Solutions Lab to $60M over a 10-year period. With this new investment, the Financial Solutions Lab will further expand 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 US.

In addition, the Financial Solutions Lab announced that it has selected the four organizations for its sixth Accelerator cohort to help develop solutions to advance the financial health of underserved workers and students – especially as many are struggling with lost jobs or income as a result of the COVID-19 crisis.

“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.” – Garry Reeder, VP of innovation and policy at the Financial Health Network.

The Financial Solutions Lab focuses on innovative solutions that support populations facing acute and persistent financial health challenges including people of color, older adults, people with disabilities, and women.