ImpactAlpha, October 10 – Financial Solutions Lab, a partnership between the Center for Financial Services Innovation (CFSI) and JPMorgan is targeting financial health of American workers for its fifth fintech solutions challenge.
Fifty-four percent of employees report being “financially stressed,” according to a recent PwC survey. Student loans and healthcare are major factors. This issue doesn’t only impact workers, it impacts employers. “Employees with a low level of financial wellness can cost employers up to $198 annually,” in absenteeism and payroll taxes, notes a FinLab statement.
FinLab’s competition is open for companies developing employee financial health solution, with a focus on the low- and middle-income workforce. Companies have until November 9 to apply. Winners receive $125,000 in seed capital as well as professional support.
The winners to last year’s challenges, which improving financial health for underrepresented communities, were announced in June. Overall, the startups across all of FinLab’s $30 million Challenge cohorts have raised more than $300 million and serve millions of Americans.