FSL Exchange -

Financial Solutions Lab

Exchange

When fintechs and nonprofits work together, they can offer a powerful combination of well-designed tech solutions and relationships with trusted partners to improve financial health. As part of the Financial Solutions Lab, the Exchange fostered high-impact partnerships between nonprofits and fintechs – promoting the intentional design and delivery of products for underserved consumers while enhancing nonprofits’ capacity to serve their communities.

While the Financial Solutions Lab concluded in 2022, the Financial Health Network continues to drive cross-sector collaboration to promote a more inclusive fintech landscape. Reach out to learn how we can connect you with other organizations to amplify your impact.

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Impact

The partnerships that emerged from the Exchange were transformational for many. Fintechs gained direct insight into the financial needs of underserved communities, while nonprofits expanded their toolbox of resources to support clients’ financial health.

86%

of Exchange grantee organizations in 2022 were led by women and/or people of color

200+

fintechs and nonprofits participated in the Exchange

24

cutting-edge partnerships received a total of more than $1.3 million in grants

Explore the Impact Report

Exchange Challenges

2022 Challenge

Improving Public and Private Benefits Access and Navigation

The 2022 Exchange is supporting nonprofit-fintech partnership solutions that address the financial health challenges faced by individuals and families navigating public and private benefits systems, as well as the complications these systems can pose for the very people trying to utilize them.

2022 Challenge Grantees

Benefit Kitchen | Connective | LISC Houston

Local Initiatives Support Corporation (LISC) Houston and Benefit Kitchen, in collaboration with Houston-based civic technology nonprofit Connective, will study how best to embed Benefit Kitchen’s API-based benefits screener into LISC Houston’s Financial Opportunity Center coaching model and software, bridging the benefits knowledge gap for coaching staff and giving clients standardized, up-to-date benefits screening information.

The Flagstone Initiative | Mocafi

The Flagstone Initiative and MoCaFi will collaborate on a Community Emergency Fund to protect low-income renters in Oklahoma City. The project will leverage the Flagstone Initiative’s access to aggregate data collected by its workforce housing partners and from one-on-one interviews and surveys with renters, and it will be deployed through MoCaFi’s on-demand fund distribution platform.

Nebraska Early Childhood Collaborative | Pie for Providers

Nebraska Early Childhood Collaborative and Pie for Providers will partner to maximize Nebraska child care providers’ income through subsidy funding and automate calculations for the state’s billing process, improving providers’ financial health and enabling the opening of new government-funded child care spots for Nebraska families.

2021 Challenge

Improving the Financial Health of Justice-Involved Individuals

The 2021 Exchange grant program sought innovative solutions advancing the financial health of justice-involved individuals and families navigating barriers to successful reentry, including reduced employment opportunities and lack of access to financial health tools.

2021 Challenge Grantees

Justine PETERSEN | LaunchCode

Justine PETERSEN Housing and Reinvestment Corporation and LaunchCode are designing credit and entrepreneurship programs to address the financial health of incarcerated and re-entering citizens in Missouri.

Justice Accountability Center of Louisiana | DaisyDebt

Justice Accountability Center (JAC) of Louisiana and DaisyDebt are teaming up to bring DaisyDebt’s debt dispute technology to formerly incarcerated individuals, including those in JAC’s Reentry Legal Clinics.

Anti-Recidivism Coalition | Stretch Finance

Anti-Recidivism Coalition (ARC) and Stretch Finance will connect ARC’s formerly incarcerated and returning citizen members with free checking accounts, debit cards, and tailored employment alerts

IRC Center for Economic Opportunity | finEQUITY

IRC Center for Economic Opportunity and finEQUITY plan to help formerly incarcerated residents establish or improve their credit through small-dollar loans, smoothing the journey to critical needs like housing and employment.

Urban League of Essex County | MoCaFi

Urban League of Essex County and MoCaFi will offer a fully-featured mobile banking solution to assist returning citizen clients and their families, alongside Urban League of Essex County’s wraparound services.

2020 Challenge

Partnerships to Advance Worker and Student Financial Health

The 2020 Exchange grant program sought innovative solutions from partnerships focused on improving the financial health of workers and students. This was especially relevant as consumers navigated new financial challenges brought on by the coronavirus pandemic and resulting economic crisis.

2020 Challenge Grantees

Canary | SpringFour

Canary integrated SpringFour’s financial health resources into Grant Circle, which provides cash grants to people experiencing financial hardship.

Change Machine | North Carolina HBCUs

Change Machine connected four North Carolina HBCUs with promising fintech products and engaged students in product testing and validation.

Compass | NxtStep

Compass partnered with NxtStep to build an enrollment, orientation, and financial coaching platform for participants in the federal Family Self-Sufficiency program.

The Directors’ Council | Leap Fund

Four of the Directors’ Council’s member nonprofits integrated Leap Fund’s public benefits calculator program into their service delivery.

Hebrew Free Loan Society | fINEQUITY

fINEQUITY paired its educational modules with Hebrew Free Loan Society’s interest-free loan to help people who have experienced incarceration.

Neighborhood Trust | A.M. Money

Neighborhood Trust provided its TrustPlus live financial coaching as an added feature for A.M. Money’s student loan borrowers.

SaverLife | Steady

SaverLife and Steady leveraged prize-linked savings to improve the income and savings prospects of their members.

2017 Challenge

Partnerships to Improve Household Financial Health

In 2017, the Financial Health Network began exploring the potential of partnerships between nonprofit organizations working to improve household financial health and financial technology providers. Through the Financial Health Network’s Nonprofit-Fintech Exchange – now the Financial Solutions Lab Exchange – we supported, convened, and learned from nine unique, groundbreaking partnerships navigating the challenges and opportunities for cross-sector financial health solutions.

2017 Challenge Grantees

GreenPath | EarnUp

GreenPath partnered with EarnUp to create the Simple Payment Plan, an automated installment debt repayment service that provides ongoing financial coaching and guidance.

Consumer Action | Digit | SaverLife | Self

Consumer Action recruited four of its network affiliates to offer fintech products to clients. Fintech products distributed across the affiliates included Digit, SaverLife, and Self.

LendUp | EARN

SaverLife (previously EARN) partnered with LendUp to test if providing points towards the customer’s journey on the LendUp Ladder impacted their likelihood of enrolling and saving.

Onward | Synapse

Onward worked with Synapse to automate the process for workers to open savings accounts and access emergency loan products within the Onward app.

NUL | FreshEBT | Dave | WiseBanyon | Digit | SaverLife | Self

National Urban League (NUL) worked with its affiliate organizations to test a range of fintech tools with clients, gather feedback, and share it with the broader NUL network.

Credit Builders Alliance | Nova

Credit Builders Alliance offered lenders in its network access to credit reports from Nova Credit, allowing lenders to underwrite newcomers by obtaining credit histories from their countries of origin.

Neighborhood Trust Financial Partners | Self

Neighborhood Trust Financial Partners integrated Self’s credit-building product into its Trusted Advisor platform, enabling counselors to enroll interested clients seamlessly.

UnidosUS | Oportun

UnidosUS partnered with Oportun to provide financial coaching to its customers and employees.

Accion | LendStreet

Accion referred applicants who had previously been denied credit because of high debt levels to LendStreet with the goal of increasing their future eligibility for a loan.