ImpactAlpha, January 15 – More than half of employees report being “financially stressed,” according to a PwC.
The Financial Solutions Lab challenge, an annual startup competition from the Center for Financial Services Innovation and JPMorgan Chase, focused on promoting financial health and inclusion in the U.S., targeted its latest cohort on startups improving financial health for underserved workers in the workplace.
FinLab, as it’s known, has selected five winners for this year’s challenge. Among the cohort is San Francisco-based HoneyBee, a startup that helps people access their paycheck a week early to build credit and manage unplanned expenses, and Onward, a short-term emergency savings platform that helps workers build financial literacy.
“Engaging with workers in the context of getting paid, buying health insurance and saving for retirement represents a powerful opportunity,” CFSI’s Jennifer Tescher said in a statement. “For employers, helping improve the financial wellness of their workforce can increase productivity, improve retention and engender loyalty that ultimately accrues to the bottom line.”
FinLab has supported more than 30 companies through its previous four cohorts that have gone on to raised more than $500 million in capital helped Americans save over $1 billion, according to FinLab.