Financial Solutions Lab
Technology offers tremendous potential to expand access to safe, affordable financial products and services for consumers across a range of incomes, languages and geographies. At the center of our commitment to improving financial health is the Financial Solutions Lab (FinLab), a 10-year, $50 million initiative managed by the Financial Health Network that supports technology-based innovations to improve financial health. FinLab holds an annual competition to identify, test and scale products and services that address the needs of underserved communities in the United States.
The Winners of the Workplace Financial Health Challenge
Makes 401(k) transfers seamless as employees switch positions by standardizing the process and linking providers to dramatically reduce administrative costs, compliance liabilities, and time.
(New York, NY)
An employee benefit option that provides 0% financing and bill negotiation services for out-of-pocket medical bills, with no impact to an employee’s credit score.
(San Francisco, CA)
A personalized financial health platform providing employees one place to go for all their financial needs.
(San Francisco, CA)
Helps employees, regardless of credit history to access an extra week’s pay anytime to help manage unplanned expenses and build credit.
(Kansas City, MO)
An employer-based mobile savings and credit app that enables workers to save effortlessly, build financial knowledge, and access responsible credit when emergencies strike.
Making an Impact Through the Financial Solutions Lab
To date, FinLab has supported more than nearly 40 financial technology companies from more than 1,600 total applicants. Cohort alumni are offering innovative financial products that reach over 4.5 million people in the U.S. and have seen 20 times user growth since joining FinLab. Collectively, FinLab companies have raised over $500 million in capital since joining the program and have helped U.S. residents save over $1 billion.