Fintech Solutions That Drive Personal Financial Success

• We estimate the size of the U.S. market for tech-driven financial solutions serving underbanked populations is $8 billion.  

• Many people with low and moderate incomes don’t trust mainstream financial institutions. 

• Fintech companies design their tools for niche markets where they can optimize product-market fit with well-defined customer personas.  

• Employers can improve their bottom lines by offering workers benefits that promote financial wellness.  

In the United States today, half of all workers earn less than $75,000 annually, and more than 200 million people report living paycheck to paycheck. Many of those workers likely have limited access to bank accounts and other traditional financial services. Lack of access to financial services and resources like bank accounts, home loans, capital to start businesses, or investment tools can limit the ability of people in low-wage jobs to securely manage their finances and build wealth.  

At JFF, we believe in the potential for tech-based financial products and services to promote broader economic inclusion and enable more workers to achieve personal financial success by providing unbanked and underbanked families with tools they can use to manage their finances, carry out everyday transactions, make informed decisions about money, get fair loans, and build wealth.   

With support from the Ares Foundation, we developed this market scan report to take an in-depth look at the emerging financial technology (fintech) marketplace. Our goal was to identify the most innovative and inclusive solutions currently available and explore areas where ongoing development of new products and services has the potential to help fulfill unmet needs. This report can serve as a resource for investors, funders, and entrepreneurs who are interested in learning about new investment and business opportunities within the market designed to meet the needs of workers in low-to-moderate-wage jobs and to serve people who have historically lacked access to tools to manage their finances and build wealth.