The Financial Solutions Lab was created to support the development of safe, affordable and high quality technology-based products to improve the financial health of millions of hard-working Americans. To achieve these goals, CFSI and JPMorgan Chase developed and launched a program that brought together a powerful set of resources, including access to capital, deep financial services expertise, and an extensive network of industry partners. By providing innovators with capital, reputational investment and technical assistance, we aimed to de-risk promising early stage innovations and help create a path to scale.
Our impact thesis is organized around the goal of helping early stage innovators build and scale high-quality products. An indirect goal of this work is the idea that these innovations can serve as an inspiration for other financial services providers to improve the quality and efficacy of their own products, and inspire the next generation of entrepreneurs seeking to drive meaningful impact in consumers’ lives.
This report outlines how the Lab’s model has performed in positively impacting companies, the market, and ultimately, consumers’ financial health.