SAN FRANCISCO, June 20, 2016 — Today, the Financial Solutions Lab (“FinLab”) at the Center for Financial Services Innovation (CFSI) with founding partner JPMorgan Chase & Co. announced nine financial services innovators, including EARN, as the winners of its second competition, aimed at identifying solutions that help consumers prepare for – and weather – financial shocks. FinLab selected the winners based on their ability to improve consumers’ financial health. Each winner will receive $250,000 in capital and additional resources to test, enhance and scale the availability of their products and services.
EARN is thrilled to be the only nonprofit among so many innovative start-ups. “As an organization that has been serving low-income people for 15 years, this recognition is a tremendous honor for EARN,” says CEO Leigh Phillips. “We know our program and our clients will benefit immensely from the opportunity to participate in the Financial Solutions Lab.”
The issue of financial shocks was selected as the challenge topic for this competition, because research from Pew Charitable Trusts, CFSI, and the JPMorgan Chase Institute all points to that fact that financial shocks impact more than half of all Americans. EARN directly addresses this critical problem with its Starter Savings Program, which helps low-to-moderate income households manage financial shocks by teaching and incentivizing regular savings behavior.
EARN, the nation’s leading provider of microsavings, is an award-winning non-profit. Since 2001, EARN has helped thousands of low-wage families save for a better future through innovative savings products. EARN’s ultimate vision is that millions of well-informed, low-wage American families will achieve financial success through proven strategies, fair public policy, and their own hard work.
About the Center for Financial Services Innovation (CFSI)
CFSI is the nation’s authority on consumer financial health. CFSI leads a network of financial services innovators committed to building a more robust financial services marketplace with higher quality products and services.
About the Financial Solutions Lab (FinLab)
The Financial Solutions Lab is a $30 million, five-year initiative managed by the Center for Financial Services Innovation (CFSI) with founding partner JPMorgan Chase & Co. to identify, test and expand the availability of promising innovations that help Americans increase savings, improve credit, and build assets.