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Advancing a More Inclusive Fintech Landscape
Past Challenges

Advancing a More Inclusive Fintech Landscape

The Financial Health Network started the Nonprofit-Fintech Exchange in 2017 with the idea that the complementary strengths of fintechs and nonprofits could combine to create powerful partnerships and even stronger financial health solutions. Through the strength of their shared capabilities, our Exchange grant recipients have been able to deliver high-impact products and services to underserved and financially struggling individuals and communities.

2020 Exchange Challenge

Partnerships to Advance Worker and Student Financial Health

The 2020 Exchange grant program sought innovative solutions from partnerships focused on improving the financial health of workers and students. This was especially relevant as consumers navigated new financial challenges brought on by the coronavirus pandemic and resulting economic crisis. Read more about these partnerships in our blog post, “Supporting Partnerships to Advance Worker and Student Financial Health,” and below. 

Partnerships to Advance Worker and Student Financial Health

Canary integrated SpringFour's financial health resources into Grant Circle, which provides cash grants to people experiencing financial hardship.

Change Machine connected four North Carolina HBCUs with promising fintech products and engaged students in product testing and validation.

Compass partnered with NxtStep to build an enrollment, orientation, and financial coaching platform for participants in the federal Family Self-Sufficiency program.

Four of the Directors’ Council’s member nonprofits integrated Leap Fund’s public benefits calculator program into their service delivery.

fINEQUITY paired its educational modules with Hebrew Free Loan Society’s interest-free loan to help people who have experienced incarceration.

Neighborhood Trust provided its TrustPlus live financial coaching as an added feature for A.M. Money’s student loan borrowers.

SaverLife and Steady leveraged prize-linked savings to improve the income and savings prospects of their members.

Partnerships to Improve Household Financial Health
2017 Exchange Challenge

Partnerships to Improve Household Financial Health

In 2017, the Financial Health Network began exploring the potential of partnerships between nonprofit organizations working to improve household financial health and financial technology providers. Through the Financial Health Network’s Nonprofit-Fintech Exchange –  now the Financial Solutions Lab Exchange – we supported, convened, and learned from nine unique, groundbreaking partnerships navigating the challenges and opportunities for cross-sector financial health solutions. Read more about these partnerships in our report, “Cross-Sector Solutions: A Guide to Nonprofit-Fintech Partnerships,” and below.

GreenPath partnered with EarnUp to create the Simple Payment Plan, an automated installment debt repayment service that provides ongoing financial coaching and guidance.

Consumer Action recruited four of its network affiliates to offer fintech products to clients. Fintech products distributed across the affiliates included Digit, SaverLife, and Self.

SaverLife (previously EARN) partnered with LendUp to test if providing points towards the customer's journey on the LendUp Ladder impacted their likelihood of enrolling and saving.

Onward worked with Synapse to automate the process for workers to open savings accounts and access emergency loan products within the Onward app.

National Urban League (NUL) worked with its affiliate organizations to test a range of fintech tools with clients, gather feedback, and share it with the broader NUL network.

Credit Builders Alliance offered lenders in its network access to credit reports from Nova Credit, allowing lenders to underwrite newcomers by obtaining credit histories from their countries of origin.

Neighborhood Trust Financial Partners integrated Self’s credit-building product into its Trusted Advisor platform, enabling counselors to enroll interested clients seamlessly.

UnidosUS partnered with Oportun to provide financial coaching to its customers and employees.

Accion referred applicants who had previously been denied credit because of high debt levels to LendStreet with the goal of increasing their future eligibility for a loan.

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