NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Most American adults are struggling financially. This group is larger than just the “unbanked” or “underbanked.” Many Americans are having difficulty managing their day-to-day financial lives, establishing a cushion for financial resilience, and achieving financial security.

CFSI’s 2016 Financially Underserved Market Size Study  found that underserved Americans spent $141 billion in fees and interest to meet their financial needs. New innovation is needed to address this massive market opportunity.

Over the last two challenges, we’ve seen a growing recognition of the need to improve the financial health of Americans. We’ve also seen that innovative solutions can come a variety of sources, solving problems that were once considered too hard, and for customers that many thought were too difficult to reach.

We are accepting applications for our third class of the Financial Solutions Lab, a virtual program which will run from mid-June 2017 through February 2018. If you have a startup or nonprofit that improves the financial health of Americans, you should apply. We look forward to reading your application!