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

The eighth Accelerator program is now accepting purposes from monetary know-how corporations and nonrevenues creating revolutionary options to increase entry to monetary well being advantages and devices.

FSL Emblem

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 Community in collaboration with JPMorgan Chase and Prudential Financial, introduced right now its eighth accelerator Problem. The Accelerator seeks purposes from monetary know-how corporations focused on serving to low- to common-income (LMI) and Black and Latinx communities increase entry to advantages and monetary devices that assist them To take care of key safety internets and enhance their monetary well being. For extra information on our subsequent Problem and The biggest Method To use, go to our internet website. Applications are due December 20, 2021.

Virtually two yrs into the pandemic, U.S. shopper monetary safety internets proceed to be challenged.

The financial influences of the pandemic have taken A greater toll on communities of colour, notably Black and Latinx communities, who face depleted emergency financial savings, expertised The biggest job losses in frontline jobs, are managing rising well beingcare prices, and have restricted entry to office retirement financial savings plans. For event:

This yr’s Accelerator Shall be focused on tackleing these gaps and figuring out revolutionary options serving to LMI and Black and Latinx communities To raised navigate and revenue from The prevailing internet Of mointernetary well being advantages, merchandise, and devices.

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“Too typically, entrying advantages requires consumers to navigate complicated methods and selection models, many with opaque phrases, in depth requirements, and restricted entryibility,” said Hannah Calhoon, Vice chairman, Innovation, Financial Health Community. “There’s An excellent want and potential for revolutionary options enhancing consumer expertises that make monetary well being advantages and devices extra entryible.”

Solutions related for this yr’s Accelerator cohort embrace, however Aren’t restricted to:

  • Optimization Of private and non-private revenue expertises and tax system navigation

  • Enhanced enterprise and shopper purposes to handle well beingcare prices and selections

  • Pretty priced providers To assist tackle obligations Contained in the authorized system

  • Stronger assets and safety internets To shield in the direction of income volatility and financial shocks

  • Improved entry to retirement preparation and navigation devices

fintech startups ought to apply to the Financial Solutions Lab Accelerator by December 20, 2021. This technique will prioritize …….