JPMorgan Chase has announced a five-year, $25 million commitment to help expand access to financial technology for underserved populations in the United States.
A joint initiative of JPMorgan Chase and the Chicago-based Financial Health Network, the Financial Solutions Lab will invest in existing digital products and early-stage fintech solutions designed to help people boost their savings, reduce their debt, and meet their long-term financial goals. The commitment follows a $30 million collaboration over the past five years during which the lab provided capital, mentoring by JPMorgan Chase employees, and other resources to about forty fintech companies. Those companies in turn have developed tools that have helped more than 4.5 million people save $1 billion in fees and interest expenses and raised more than $500 million in follow-on funding.
JPMorgan Chase also announced the opening of a branch in Harlem with an on-site Innovation Lab that will test new ways to help consumers online and on their mobile devices with real-time feedback. As part of a model that will be replicated in up to six cities, the new branch also will host skills training, events, and workshops.
"What we are doing in Harlem is inspiring our work in other communities across the country," said Chase Consumer Banking CEO Thasunda Brown Duckett. "We will continue to make our branches community destinations, strengthening relationships with community partners, and investing in fintech that can help serve people and their personal financial journey, wherever they are."
"The Financial Health Network's continued collaboration with JPMorgan Chase will strengthen our efforts to spur innovations that improve the financial health of U.S. consumers," said Financial Health Network president and CEO Jennifer Tescher. "In 2020 and beyond, we'll continue with fintech accelerator programs while expanding our nonprofit-fintech exchange efforts and exploring unmet consumer needs, particularly for low-to-moderate-income individuals."
(Photo credit: Financial Solutions Lab)