Application Deadline: 12/20/2021
Every day, people across the country work to strengthen their long-term financial health by applying for public benefits, accessing emergency loans, saving for retirement, and securing insurance. Accessing these financial benefits and tools can require navigating complex processes with opaque terms and limited accessibility – significant barriers for many, including low- to moderate-income (LMI), Black, and Latinx individuals.
The 2022 Accelerator Challenge will focus on addressing these gaps and identifying innovative solutions that can help LMI, Black, and Latinx communities access and navigate the landscape of financial health benefits and tools more effectively.
Each application will be evaluated against the criteria below:
• Consumer Impact
o Embrace Inclusion: Company has a commitment to responsibly expand access to low- to moderate-income individuals, and to reach and serve Black and Latinx communities.
o Create Opportunity: Company supports customers’ upward mobility.
o Build Trust: Company ensures transparency, integrity, and consistency of its offerings.
o Promote Success: Company’s offering positively affects consumer behavior and empowers informed decision-making.
• Company Overview
o Applicable Solution: Company’s product/service is relevant to the Financial Solutions Lab Accelerator Challenge.
o Stage: The Financial Solutions Lab is mostly focused on supporting pre-seed and seed-stage companies. Companies can be pre-revenue and range from having a minimum viable product to being fully released in the market.
o Scalability: Company has identified an addressable market that can lead to growth and sustainability.
o Team: Leadership has a deep understanding of their customers’ needs and circumstances and the relevant experience to execute on its vision. Per the Financial Solutions Lab’s approach to diversity, equity, and inclusion (DEI), we prioritize founders and teams with lived experience of the issues they are addressing and companies demonstrating a commitment to operationalizing DEI principles within their organizations.
o Innovation: Company’s product/service is differentiated and an improvement upon current competition and offerings while in compliance with relevant laws and regulations.
Each company selected to participate in the 2022 Accelerator Cohort will receive:
- Up to $100,000 from the Financial Health Network
- Product and user behavioral insights to help inform 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
The 2022 Accelerator Challenge aims to support companies developing fintech solutions that improve ease of use and access to a broader set of benefits and tools for LMI individuals and Black and Latinx communities. They are especially interested in solutions that can:
• Optimize public and private benefit experiences and tax system navigation
• Enhance enterprise and consumer applications to manage healthcare costs and decisions
• Deliver affordable services to help address obligations within the legal system
• Strengthen resources and safety nets to protect against income volatility and economic shocks
• Improve access to retirement preparation and navigation tools
Official Website: Financial Solutions Lab (FSL) Accelerator Challenge 2022