2020 Worker and Student Financial Health Challenge

Applications for the Nonprofit-Fintech Exchange grant program are now open.

Exchange Virtual Meeting Recap

The Nonprofit-Fintech Exchange recently held a virtual meeting to discuss the current grant program in detail and swap insights and opportunities for high-impact collaborations. You can review the meeting deck and partner pitch presentations, catch up on some of the top discussion topics, and read our recent report to help you apply to our grant program or explore the topic of nonprofit-fintech collaboration further.

Supporting Partnerships to Advance Worker and Student Financial Health

The Nonprofit-Fintech Exchange is founded on the belief that the complementary strengths of fintechs and nonprofit organizations can be combined to create powerful solutions. This year, the Exchange is aligning with the Financial Solutions Lab’s 2020 Worker and Student Financial Health Challenge by providing grants that support new partnership solutions to address financial health challenges workers and students experience. Challenges faced by workers and students that jeopardize financial health include:

  • Rapid technology changes requiring workers to train and reskill for career advancement
  • Costs of education and training programs rising steadily
  • The gig economy offering inconsistent income and being an insufficient replacement for traditional jobs
  • The current COVID-19 pandemic and resulting economic crisis adding countless new challenges to the financial health of workers and students

Workers and students need fintech products, services, and partnerships that prepare them for the economies of the future by addressing the barriers to affordable training, education, and opportunity.

Our Response to COVID-19

Practically overnight, millions of workers and students were presented with new challenges to their financial health after the COVID-19 pandemic and economic crisis closed college campuses, shut down workplaces, disrupted income, and more. To help those most vulnerable, the Nonprofit-Fintech Exchange will be prioritizing partnerships and solutions that are helping workers and students navigate the current situation. Applications on all types of partnerships and solutions addressing the needs of students and workers will also be considered.

Who Should Apply?

We are looking for partnerships between nonprofits and fintechs who are interested in piloting or prototyping new solutions, product designs, or program enhancements. We are also looking for applicants that are focused on improving the financial health of low- to moderate-income and underserved communities – especially focused on workers and students as they navigate the current COVID-19 situation.

Applications must have all partners identified and fully committed to be considered. Partner organizations should only submit one application.

  • 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.

Read the full Application Criteria for more information.

What Do Recipients Receive?

Each grant recipient will receive:

  • $50,000 in capital for each partnership.
  • Technical assistance to help grantees execute projects.
  • Actively engage with, and learn from, the nonprofit and fintech peers in your cohort.

Timeline

April – June 2020: Applications open
June 30, 2020: Applications due
July – August 2020: Selection period
September 2020 – May 2021: Grant program runs

Let us know what's on your mind.