The Financial Solutions Lab — known as FinLab — is a $3 million annual competition for startups building tools to promote financial health and inclusion in the US. A majority of American adults have difficulty managing their finances.
Of the 1,000 fintech companies JPMorgan has reviewed since launching the FinLab Challenge, lack of diversity among startup founders and leadership persists. “Diversity among leaders and teams also leads to more inclusive products and services with the potential to scale to millions of customers,” reads a FinLab Challenge statement. (JPMorgan is tackling this issue in communities too, through its Entrepreneurs of Color funds.)
Applications are open until April 11th. Winners will be announced in Los Angeles in June.