Financial Solutions Lab: Exchange Challenge

The mission of the Financial Solutions Lab is to cultivate, support, and scale innovative ideas that advance the financial health of low- to moderate-income individuals and historically underserved communities.

The Financial Solutions Lab Exchange serves as a meeting place for interested nonprofit and fintech providers to explore collaboration and swap insights on how to build high-impact partnerships. 

For the 2022 Exchange Challenge, grants will be awarded to support nonprofit-fintech partnership solutions that address the financial health challenges faced by individuals and families navigating public and private benefits systems and the challenges these systems pose, including: 

  • determining eligibility for public benefits (e.g., the Supplemental Nutrition Assistance Program (SNAP) or Supplemental Security Income (SSI)) or private benefits (e.g., workplace health and retirement plans);
  • applying for and receiving public or private benefits;
  • preventing or managing the impact of benefits overpayments and benefits cliffs;
  • supporting benefits applicants and recipients as a nonprofit provider of financial counseling or other social services; and,
  • other benefits-related challenges that nonprofit-fintech partnerships are helping individuals solve.

Applications are accepted from emerging or existing nonprofit-fintech partnerships working on:

  • Fintech Distribution: A nonprofit integrates a fintech tool into its existing program to increase engagement and impact.
     
  • Nonprofit Referral: A fintech integrates or refers customers to relevant nonprofit services.
     
  • Systems Enhancements: A nonprofit implements fintech systems or tools to enhance back-end systems or operational processes.
     
  • Insights and Design: A fintech engages a nonprofit to receive design input into new products and features.

Up to three nonprofit-fintech partnerships will receive:

  • a $90,000 grant (minimum of $46,000 must go to the nonprofit partner);
  • a forum to engage with, and learn from, other nonprofits and fintechs in the grantee cohort; and,
  • technical assistance to help execute projects.

Application Procedures

Application guidelines are available on the Financial Solutions Lab website. Applications must be submitted online.