JPMorgan Chase is committing $25 million to its Financial Solutions Lab in an effort to help grow and develop FinTech solutions for people in underserved communities.
The money will help the lab invest in ways to help people and work on a specific model for the demographic. The financial institution is also opening a new branch in Harlem that is specially designed for the community it serves, the bank said in a press release.
“What we are doing in Harlem is inspiring our work in other communities across the country,” said Thasunda Brown Duckett, CEO of Chase Consumer Banking. “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.”
Recently, Chase has been adding a number of live events and interactive conversations on customers’ financial goals, called Chase Chats, to branches across the United States. The Harlem location will be no different.
“This new philanthropic investment follows a $30 million collaboration between the Financial Health Network and JPMorgan Chase over the past five years to identify and develop tools that help people in the U.S. improve their financial health,” JPMorgan Chase said.
The lab has been around for about five years, and it has given capital, mentorship and resources to about 40 FinTech companies from around 1,600 applicants.
The financial tools developed by the lab reach 4.5 million people and have saved customers an estimated $1 billion collectively. With lab support, companies have raised $500 million in funding.
“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 President and CEO of the Financial Health Network Jennifer Tescher. “In 2020 and beyond, we’ll continue with FinTech accelerator programs while expanding our non-profit-FinTech exchange efforts and exploring unmet consumer needs, particularly for low-to-moderate-income individuals.”