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Improving the Financial Health of Justice-Involved Individuals
2021 Exchange Challenge

Improving the Financial Health of Justice-Involved Individuals

The 2021 Exchange Challenge is focused on nonprofit-fintech partnerships that can advance the financial health of justice-involved individuals and families navigating fines, arrests, detainment, and/or incarceration. The selection process is underway and grantees will be announced later this year. Check back for updates.

Partnerships to Advance the FinHealth of Justice-Involved Individuals

For the 2021 Exchange Challenge, grants will be awarded to support emerging and existing partnership solutions that address the financial health challenges faced by justice-involved individuals and their families, including: 

  • Paying for pretrial costs, such as bail
  • Covering in-prison costs, such as communications and commissary expenses
  • Managing legal financial obligations such as fines and fees
  • Establishing a bank account
  • Achieving credit visibility
  • Securing access to affordable credit to assist with entrepreneurship and other goals

Partnerships to Advance the FinHealth of Justice-Involved Individuals

The Role of Innovation

While policy solutions are critical to reform our criminal justice system, we know that the nonprofit and fintech sectors can play a role in better serving those impacted by the system. We’ve seen the innovation already occurring across the country, and we want to support and lift up that work. The time is right for innovation that can advance the financial health of justice-involved individuals, their families, and their communities. Read our blog “Opportunities for FinHealth Innovation and Impact in Criminal Justice” for more details on the need for innovative solutions to the challenges justice involved families face.

Who will the Exchange Engage with?

We are looking for emerging or existing partnerships between fintechs and nonprofits, including nonprofit Community Development Financial Institutions, who are interested in piloting or prototyping solutions, product designs, or program enhancements that will allow them to better serve justice-involved individuals and their families. We welcome applications from emerging or existing nonprofit-fintech partnerships working on:

  • Fintech Distribution: A nonprofit integrates a fintech tool into its existing program to increase engagement and impact.
  • Nonprofit Referral: A fintech integrates or refers customers to relevant nonprofit services.
  • Systems Enhancements: A nonprofit implements fintech systems or tools to enhance back-end systems or operational processes.
  • Insights and Design: A fintech engages a nonprofit to receive design input into new products and features.

For more information on the types of partnerships we are seeking, view our 2020 Exchange Challenge grant recipients and read our full application criteria.

Read the Application Criteria
Who will the Exchange Engage with?
What Will Grantees Receive?

What Will Grantees Receive?

  • $50,000 per innovative nonprofit-fintech partnership (up to five grants will be awarded)
  • A forum to engage and learn with other nonprofits and fintechs in your cohort
  • Technical guidance on project execution

Timeline

April 1, 2021: Applications open
May 13, 2021: Fastpitch Event
Deadline Extended – July 7, 2021: Applications due
July – September 2021: Selection period
October 2021 – June 2022: Grant program runs

Timeline

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