Financial Solutions Lab Launches Eighth Accelerator Challenge Seeking Fintech Companies Addressing Racial Wealth Gap and Financial Health of LMI Communities – Yahoo Finance Australia

The eighth Accelerator program is now accepting applications from financial technology companies and nonprofits creating innovative solutions to expand access to financial health benefits and tools.

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Financial Solutions Lab logo

Financial Solutions Lab logo

Chicago, IL, Nov. 09, 2021 (GLOBE NEWSWIRE) — The Financial Solutions Lab, an initiative from the Financial Health Network in collaboration with JPMorgan Chase and Prudential Financial, announced today its eighth accelerator Challenge. The Accelerator seeks applications from financial technology companies focused on helping low- to moderate-income (LMI) and Black and Latinx communities expand access to benefits and financial tools that help them to maintain key safety nets and improve their financial health. For more information on our next Challenge and how to apply, visit our website. Applications are due December 20, 2021.

Almost two years into the pandemic, U.S. consumer financial safety nets continue to be challenged.

The economic impacts of the pandemic have taken a higher toll on communities of color, particularly Black and Latinx communities, who face depleted emergency savings, experienced the greatest job losses in frontline jobs, are managing rising healthcare costs, and have limited access to workplace retirement savings plans. For example:

This year’s Accelerator will be focused on addressing these gaps and identifying innovative solutions helping LMI and Black and Latinx communities to better navigate and benefit from the existing web of financial health benefits, products, and tools.

“Too often, accessing benefits requires consumers to navigate complex systems and option sets, many with opaque terms, extensive requirements, and limited accessibility,” said Hannah Calhoon, vice president, Innovation, Financial Health Network. “There is a great need and potential for innovative solutions improving user experiences that make financial health benefits and tools more accessible.”

Solutions relevant for this year’s Accelerator cohort include, but are not limited to:

  • Optimization of public and private benefit experiences and tax system navigation

  • Enhanced enterprise and consumer applications to manage healthcare costs and decisions

  • Affordable services to help address obligations within the legal system

  • Stronger resources and safety nets to protect against income volatility and economic shocks

  • Improved access to retirement preparation and navigation tools

Interested fintech startups should apply to the Financial Solutions Lab Accelerator by December 20, 2021. The program will prioritize founders and teams with lived experience of the issues they are addressing, and companies demonstrating a commitment to operationalizing Diversity, Equity, and …….