OUR APPROACH

Our Model for Impact

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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

 

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.