Prudential Financial is dedicating $10 million to fintech oriented towards solving intransigent financial and social inequality in the U.S.
Prudential’s funding is part of a $60 million total dedicated to the Financial Solutions Lab, an initiative launched in June by the Financial Health Network and JPMorgan Chase to support fintechs developing solutions for underserved communities.
The Financial Solutions Lab is a 10-year initiative that focuses on technology solutions to support populations facing financial health challenges, including people of color, older adults, women and people with disabilities.
“Two-thirds of Americans are living paycheck-to-paycheck, and 50% of them don’t have $500 to handle an emergency,” said Sarah Keh, Prudential’s vice president of corporate social responsibility. “Since the outbreak, how many of those people have filed for unemployment? The lines are increasing, and it’s increasing the visibility of a lot of issues around inequities and inequality along racial and gender lines.”
The funding supports three main areas of programming at the Financial Solutions Lab: the Accelerator, a fintech accelerator focused on financial health, now in its sixth year; the Nonprofit-Fintech Exchange, a meeting place for nonprofits and fintechs to collaborate and share insight; and the Collaborative, which focuses on identifying and exploring new solutions not yet available on the market that may address unmet financial health needs.