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Blog Post

Meet the Newest Financial Solutions Lab Companies

Monday, June 20, 2016

We are excited to announce the nine organizations just named to the second class of the Financial Solutions Lab (FinLab) at the Financial Health Network with founding partner JPMorgan Chase & Co.

These organizations represent the most promising group of financial technology entrepreneurs and nonprofits helping Americans to weather financial shocks, the consumer challenge that Financial Solutions Lab seeks to address.

The Financial Solutions Lab winners were announced in front of more than 700 financial services professionals on June 16, 2016 in New Orleans at the Financial Health Network’s EMERGE Conference. Winners were selected from over 300 applicants from across the country by a panel of five judges, made up of industry leaders.

Each winner will receive $250,000 in capital, in addition to:

And the Winners Are…

Albert is a mobile app that improves financial health with practical financial advice and in-app actions that can be taken. Albert partners with handpicked financial institutions — like banks, lenders, and insurers – to seamlessly integrate their services within Albert’s app experience.

Bee partners with Community Federal Savings Bank to offer alternatives to checking and savings accounts to its customers in New York and California. Bee has pioneered an innovative capital-light model using pop-up kiosks and street teams to sign up customers in-person for financial services at a significantly lower cost than with traditional brick-and-mortar bank branches.

EARN is a national nonprofit that gives working families the power to create prosperity for generations. As the nation’s leading microsavings provider, EARN gives families the tools to achieve life-changing goals like saving for college, buying a first home, or starting a small business. EARN’s ultimate vision is that millions of well-informed, working American families will achieve financial success through proven strategies, fair public policy, and their own hard work.

EarnUp is a pro-consumer community dedicated to helping every American simplify their financial life and save. EarnUp’s loan optimization platform intelligently syncs micropayments with income and automates real-time savings based on the consumer’s personal lifestyle and finances.

eCreditHero. Eighty percent of credit reports contain an error. For the 108 million Americans whose credit score prevents access to quality credit, the process to repair these errors can be intimidating and overwhelming. eCreditHero helps consumers fix their credit for free, helping to qualify the unqualified and unleash large untapped markets for financial services.

Everlance is an app that allows freelancers to automatically track their business miles and expenses. Everlance leverages this data to help freelancers make better financial decisions. Today more than 10,000 people rely on Everlance.

Remedy protects people from medical bill errors and overcharges, saving the average family over $1,000 per year. Acting on behalf of the patient, Remedy intercepts every bill, resolves any errors directly with providers, and makes it easy for patients to pay the correct balance online.

Scratch is a modern-day loan servicer that delivers a borrower-first experience by leveraging technology to significantly improve consumers’ ability to understand, manage, and repay their loans while helping transform the servicing ecosystem for both borrowers and lenders.

WiseBanyan is the world’s first free financial advisor. WiseBanyan builds and manages tailored investment plans to reach financial milestones such as retirement, creating a rainy day fund, or purchasing a home. Clients simply link a bank account, and WiseBanyan’s end-to-end infrastructure automates the achievement of their financial goals.


What’s Next?

Over the coming months we will be sharing more about the winning solutions and what the organizations are learning from participating in the Lab. Stay tuned for the upcoming report featuring innovative fintech trends from the Financial Solutions Lab applications.

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