Eight Fledgling Fintech Providers Win Capital with CFSI Awards
Eight fledgling fintech companies have won $250,000 each from the Center for Financial Services Innovation. Each FinLab winner in this third annual competition from the CFSI receives $250,000 in capital, along with resources to test, enhance and scale their products, in part via the expertise of JPMorgan Chase, a founding lab partner.
“Over the last three years, we have been incredibly impressed by both the quality and volume of applicants to the FinLab,” said Jennifer Tescher, CEO and founder of CFSI. “This year was perhaps the most competitive yet. We are encouraged to see so many talented startups and nonprofits focused on finding truly innovative solutions that can help the 57 percent of Americans who struggle with financial health.”
The winners are:
- Blueprint Income, which offers a pension anchored on “a simple, pre-determined income stream backed by insurance companies.”
- Dave, whose product “alerts consumers ahead of an upcoming overdraft and can instantly advance up to $75 at 0 percent interest to prevent overdraft fees.”
- EverSafe, which monitors bank and investment accounts, credit cards and credit reports, and then alerts older consumers and their relatives to irregular activity.
- Grove, which offers personalized financial advice and comprehensive financial plans that are “within reach for everyone.”
- Nova, a firm that “has built the world’s first cross-border credit reporting agency by building data partnerships across the globe,” a product that can help immigrants gain credit.
- Point, described as “an alternative to traditional home equity loans and home equity lines of credit.” The company buys into a fraction of a consumer’s property, paying today for a share of the home’s future appreciation.
- Token Transit, a mobile app that “enables low-income riders to have convenient access to the transit passes they need. Riders are able to pay using a credit, debit or a prepaid debit card.”
- Tomorrow, which provides “long-term financial security to busy millennials and working families.”
The broader issue of financial health was selected as this year’s challenge because some 138 U.S. million adults have difficulty managing their daily financial lives, establishing a cushion for financial resilience, and positioning themselves for financial security and mobility, according to CFSI.