The Financial Solutions Lab, a program created by the Center for Financial Services Innovation and JPMorgan Chase, just announced the winners of a $3 million competition.
A finance startup backed by Mark Cuban just won a share of $3 million (JPM)
JPMorgan has announced the winners of its third annual $3 million competition.
The contest seeks to recognize the most innovative companies in financial technology focused on remedying social issues related to personal finance. It drew applications from more than 300 firms across the US.
Each winning company is set to receive $250,000 and join the Financial Solutions Lab, which will provide the winners access to mentors and resources with which they can scale their business.
"We are encouraged to see so many talented startups and nonprofits focused on finding truly innovative solutions that can help the 57% of Americans who struggle with financial health," said Jennifer Tescher, CEO and founder of CFSI.
Dave, an app backed by billionaire investor Mark Cuban, is one of the winners. Here are the 2017 winners:
Dave wants to save people from overdraft fees. The app connects with a user's checking account and forecasts the account's lowest possible balance in seven days based on their spending habits. When a user's forecast dips below zero they are notified so that they can make adjustments to their spending.
Dave also allows users to borrow cash if their balance gets low. Users who have a negative seven-day balance can borrow up to $75 of their coming paycheck to cover expenses.
The company has the financial backing of billionaire investor Mark Cuban.
EverSafe wants its customers to rest easy knowing that their sensitive banking information won't be jeopardized by crypto-criminals. The Maryland-based cybersecurity firm seeks to protect seniors by monitoring their financial behavior and alerting them and designated family members when irregular transactions takes place on their financial accounts.
Alerts can be sent by email, text message, or phone.
Grove is a San Francisco-based financial-advice platform that pairs technology with people. According to a news release, the firm strives to provide "accessible and affordable" financial plans "within reach for everyone."
To sign up for early access, visit the company's site.
When an immigrant relocates to the US, their credit score doesn't relocate with them. That can be a problem for those looking to buy a home or establish a line of credit in their new country. Nova, a San Francisco firm, offers a "credit passport" that follows immigrants on their move so that they don't have to start building their score all over again.
Point, a Palo Alto firm, seeks to help homeowners unlock the value of their homes by offering nontraditional home-equity loans and home-equity lines of credit.
"Point buys into a fraction of a consumer's property, paying today for a share of the homes future appreciation," according to a news release.
Point customers are not required to make monthly payments or pay interest on the loan. That said, Point charges users a processing fee of about 3%.
Token Transit is seeking to make commuting, the bane of many people's existence, easier.
It allows users to pay for public-transit passes on its mobile app using a credit, debit, or prepaid card. The firm has established partnerships to "distribute free or subsidized passes to qualifying riders."
Blueprint Income, a New York firm, is seeking to build the pension of the future by offering "a simple, pre-determined income stream backed by insurance companies."
Taking care of legal and financial obligations can be very time consuming. Tomorrow, a Seattle company, aims to cut the amount of time people engage in these tasks from "months to minutes." To get early access to Tomorrow, visit the company's site.
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