Financial Solutions Lab

The Financial Solutions Lab is a prominent initiative managed by the Financial Health Network, a leading authority on consumer financial health, with foundational support from JPMorgan Chase & Co. and additional backing from Prudential Financial. Established in 2014, its core mission is to act as a catalyst for innovation, specifically by identifying, supporting, and scaling fintech solutions designed to improve the financial well-being of underserved Americans. The Lab focuses on addressing critical financial challenges through technology, fostering a vibrant ecosystem of innovators dedicated to creating positive social impact.

Each year, the Financial Solutions Lab runs a competitive program that selects a cohort of promising fintech startups and non-profits. Participants in the 10-month program receive a comprehensive suite of resources beyond just capital. This includes strategic guidance from industry experts, access to the Financial Health Network's extensive data and research, connections to potential partners and investors, and opportunities for peer learning within the cohort. The program is meticulously designed to help these organizations refine their products, expand their reach, and achieve sustainable growth.

The primary form of financial support provided by the Financial Solutions Lab is through grants, rather than equity investments typical of traditional venture capital. Each selected organization consistently receives $125,000 in flexible capital, which is intended to help them develop and scale their solutions without diluting equity. Since its inception, the Lab has made a substantial impact, supporting over 50 innovative fintech solutions that have collectively reached more than 10 million Americans. In total, the Financial Solutions Lab has distributed over $13 million in grants and capital, underscoring its significant commitment to fostering financial health innovation across the United States.

This structured approach positions the Financial Solutions Lab as a crucial player in the financial inclusion landscape, driving forward solutions that empower individuals and families to build greater financial resilience. Its model emphasizes collaborative growth and impact, leveraging its network and resources to accelerate the development of impactful financial technologies.