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Financial Solutions Lab company logo
Incubator/Accelerator
BUSINESS PRODUCTS & SERVICES | Consulting & Outsourcing / Management & Strategy Consulting
finlab.finhealthnetwork.com

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Investments

48

Portfolio Exits

9

Partners & Customers

3

About Financial Solutions Lab

Financial Solutions Lab is managed by the Center for Financial Services Innovation with founding partner JPMorgan Chase & Co. The Financial Solutions Lab is a program that seeks to identify, test and bring to scale promising innovations that help Americans increase savings, improve credit, and build assets.

Financial Solutions Lab Headquarter Location

Chicago, Illinois,

United States

703-338-8813

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Latest Financial Solutions Lab News

Financial Solutions Lab selects six for 2022 cohort

May 4, 2022

External | what does this mean? This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. Financial Solutions Lab selects six for 2022 cohort 1 hour ago Source: Financial Solutions Lab The Financial Solutions Lab, an initiative launched and managed by the Financial Health Network in collaboration with founding partner JPMorgan Chase & Co. and with support from Prudential Financial, today announced that it has selected six organizations for its 2022 Accelerator program which is focused on financial benefits and tools. The companies selected for this year’s cohort are Canary, finEQUITY, Let’s Get Set, Pie for Providers, Stackwell, and Sunny Day Fund. The 2022 cohort was selected for their potential to help individuals better navigate benefits offerings and financial tools that strengthen financial health. In particular, the offerings from this year’s cohort assist consumers with workplace benefits, wealth and credit building, and public systems navigation. The 2022 cohort companies by area of focus are: Workplace Benefits: • Canary (New York, NY) partners with employers to ensure that in times of financial need, their employees can access emergency aid swiftly and with dignity. • Sunny Day Fund (Falls Church, VA) partners with employers to provide their employees an easy, accessible, and rewarding path to save for emergencies and future life events. Wealth and Credit Building: • finEQUITY (Brooklyn, NY) helps build credit profiles for individuals reentering society after being incarcerated. • Stackwell (Boston, MA) delivers automated financial tools and education through a digital investment platform to help people in the Black community stack and build wealth. Public Systems Navigation: • Let’s Get Set (San Francisco, CA) supports hardworking parents and families to secure and deploy their maximum tax benefits and create a path to enhanced financial stability. • Pie for Providers (Chicago, IL) streamlines and automates government funding for child care providers, increasing providers’ incomes and helping families access affordable care. “Public benefits help thousands across our country improve their financial health, and yet, systemic barriers still prevent many from taking full advantage of them,” said Adeeb Mahmud, chief program officer, Financial Health Network. “We are proud to collaborate with this year’s cohort of innovators to drive innovation in the financial health marketplace, breaking down these historic barriers.” The 2021 Financial Health Pulse U.S. Trends Report reveals that two-thirds of Americans are still not Financially Healthy, and stark disparities remain across gender, race/ethnicity, and income. While government programs reached those in need, recipients may be at risk as these policies expire. Specifically, the 2022 cohort companies are focused on strengthening financial resilience by improving safety nets for low- to moderate-income (LMI), Black, and Latinx individuals - many of whom may face systemic barriers preventing access to key benefits and financial tools, limiting their opportunities to improve financial health. According to the JPMorgan Chase Institute, public supports such as stimulus payments and child tax credits had a positive immediate impact on liquidity for LMI, Black, and Latinx communities, but systemic barriers continue to prevent these communities from building and maintaining long-term financial health. “Financial resilience remains a top priority in our effort to improve financial health,” said Sarah Keh, vice president, Prudential Inclusive Solutions. “The cohort of fintechs selected for this year’s program will mean more inclusive products for underserved communities, a covenant of Prudential’s goal to put financial security within reach for everyone. We look forward to engaging with these innovators to scale their purpose-driven organizations and support financially vulnerable communities.” For nearly a decade, the Accelerator has annually invested and supported a cohort of companies, working directly with entrepreneurs to further our mission of identifying, developing, and scaling fintech solutions for LMI individuals and Black and Latinx communities. Each selected organization will receive $100,000 from the Financial Health Network; behavioral insights to help inform product development and market strategy; guidance to navigate the legal and regulatory fintech environment; insights on impact and customer financial health measurement; resources for external marketing and communications; mentorship from financial services and financial health experts; support to further diversity, equity, and inclusion; and peer learning via virtual retreats and working sessions throughout the year. Related Companies

Financial Solutions Lab Investments

48 Investments

Financial Solutions Lab has made 48 investments. Their latest investment was in Everyday Life Insurance as part of their Seed - IV on May 5, 2021.

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Financial Solutions Lab Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

5/25/2021

Seed - IV

Everyday Life Insurance

$0.13M

Yes

1

5/25/2021

Seed

Home Lending Pal

$0.13M

Yes

1

5/25/2021

Seed - II

Upsolve

$0.13M

Yes

1

5/25/2021

Seed - II

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$99M

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10

5/25/2021

Seed

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$99M

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10

Date

5/25/2021

5/25/2021

5/25/2021

5/25/2021

5/25/2021

Round

Seed - IV

Seed

Seed - II

Seed - II

Seed

Company

Everyday Life Insurance

Home Lending Pal

Upsolve

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Amount

$0.13M

$0.13M

$0.13M

$99M

$99M

New?

Yes

Yes

Yes

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Co-Investors

Sources

1

1

1

10

10

Financial Solutions Lab Portfolio Exits

9 Portfolio Exits

Financial Solutions Lab has 9 portfolio exits. Their latest portfolio exit was Even on January 26, 2022.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

1/26/2022

Acquired

$99M

13

1/13/2022

Acquired

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$99M

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10

11/16/2021

Acquired

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$99M

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10

6/7/2021

Reverse Merger

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$99M

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10

5/18/2021

Acquired

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$99M

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10

Date

1/26/2022

1/13/2022

11/16/2021

6/7/2021

5/18/2021

Exit

Acquired

Acquired

Acquired

Reverse Merger

Acquired

Companies

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Valuation

$99M

$99M

$99M

$99M

$99M

Acquirer

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Sources

13

10

10

10

10

Financial Solutions Lab Partners & Customers

3 Partners and customers

Financial Solutions Lab has 3 strategic partners and customers. Financial Solutions Lab recently partnered with J.P. Morgan Chase & Co., and Prudential on November 11, 2021.

Date

Type

Business Partner

Country

News Snippet

Sources

11/9/2021

Partner

United States

Financial Solutions Lab Launches Eighth Accelerator Challenge Seeking Fintech Companies Addressing Racial Wealth Gap and Financial Health of LMI Communities — Financial Solutions Lab

Chicago , IL -- November 9 , 2021 -- The Financial Solutions Lab , an initiative from the Financial Health Network in collaboration with JPMorgan Chase & Co. and Prudential Financial , announced today its eighth accelerator Challenge .

1

11/1/2018

Partner

United States

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10

2/12/2016

Partner

United States

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10

Date

11/9/2021

11/1/2018

2/12/2016

Type

Partner

Partner

Partner

Business Partner

Country

United States

United States

United States

News Snippet

Financial Solutions Lab Launches Eighth Accelerator Challenge Seeking Fintech Companies Addressing Racial Wealth Gap and Financial Health of LMI Communities — Financial Solutions Lab

Chicago , IL -- November 9 , 2021 -- The Financial Solutions Lab , an initiative from the Financial Health Network in collaboration with JPMorgan Chase & Co. and Prudential Financial , announced today its eighth accelerator Challenge .

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Sources

1

10

10

Financial Solutions Lab Team

5 Team Members

Financial Solutions Lab has 5 team members, including current Chief Operating Officer, Kelly Emery.

Name

Work History

Title

Status

Jennifer Tescher

Founder

Current

Kelly Emery

Chief Operating Officer

Current

Laura Jordan Barger

Chief Marketing Officer

Current

Turiya Gray

Chief People Officer

Current

Ryan Falvey

Managing Director

Current

Name

Jennifer Tescher

Kelly Emery

Laura Jordan Barger

Turiya Gray

Ryan Falvey

Work History

Title

Founder

Chief Operating Officer

Chief Marketing Officer

Chief People Officer

Managing Director

Status

Current

Current

Current

Current

Current

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