FlexWage: Finalist in The Core Challenge

Originally posted at: blog.corevc.com

A couple months ago we announced the first Core Underbanked Innovation Challenge for the most innovative new products serving the unbanked and underbanked in America. Since our fund is the premiere venture fund targeting innovation for this segment, it seemed like a logical thing to do. Much to our delight, we got a great response and I’m excited to announce who the finalists are – right here.

It was incredibly competitive. We got contributions from across the spectrum: individuals with a cool idea to massive companies with 30,000 employees (the median had 7 employees); seed-stage to publicly traded companies (most were privately capitalized); founded this year to operating for 50 years (most frequently in operation two years); ideas in credit (41%), in payments (38%), in financial capability (14%) and savings (7%).

While there were some obvious doozies, we had a tough time limiting the field to the four finalists who will present at CFSI’s Underbanked Financial Services Forum on June 9th. Those who didn’t get selected will quibble and complain, of course. We’ve been there. But we were looking not just for new, powerful ideas that could improve the lives of the un- and underbanked, but also for what we hoped would make a great demo, and a mix of ideas amongst the finalists.

Our finalists start with FlexWage, a new company based in New Jersey, is trying to challenge pay-day lending and cash advances. They will show a consumer friendly, employer-distributed “pre-disbursement” system tied to a payroll card that will give employees access to money they have already worked for – based on their time and attendance records – at no interest for a small fixed fee.

Read more at: http://blog.corevc.com