Center for Financial Services Innovation awards eight nonprofit groups $2.5 million

CFSIThe Center for Financial Services Innovation awarded $2.5 million in grants on Tuesday to eight nonprofit financial services groups in order to help the organizations innovate.

Grant recipients include the Center for Community Self-Help, Juma Ventures, Mission Economic Development Agency and Mission SF Community Financial Center, all of which are based in California, as well as Chicago-based Moneythink, Boston-based D2D Fund, Washington, D.C.-based National League of Cities Institute and New York City-based Neighborhood Trust Financial Partners.

Each recipient will pioneer products and services intended to increase their financial capabilities and offer new approaches for affecting consumer behavior.

“The eight organizations funded this year offer fresh perspectives on the industry’s efforts to foster positive financial behavior and provide concrete mechanisms for meeting consumer needs in new ways,” Jennifer Tescher, the president & CEO of CFSI, said. “By funding innovative programs like these, we seek to support promising interventions designed to transform the underbanked marketplace. We believe these programs will empower consumers to take greater control over their financial lives.”

Grants will be provided through the Financial Capability Innovation Fund II—known as FCIF II, which is supported by a number of funders, including the Capital One Foundation, NYSE Euronext Foundation, Charles Schwab Bank, Charles Schwab Foundation and Experian.

The program was launched in 2010 in partnership with the Citi Foundation as part of their effort to expand consumers’ financial capabilities and outcomes.

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