NEW ORLEANS--(BUSINESS WIRE)--Core Innovation Capital (Core) announced GoalMine as the best new product or service innovation for the un- and underbanked in America during today’s “Core Underbanked Innovators Challenge” at the 6th Annual Underbanked Financial Services Forum. An audience vote of industry, government, and nonprofit executives selected GoalMine as the winner.
“Approximately 60 million Americans are unbanked and underbanked, and collectively pay upward of $29 billion in fees and interest each year,” says Arjan Schütte, Managing Partner at Core. “Innovations in this area are extremely important to serving this diverse and growing market. The Core Underbanked Innovators Challenge highlights these innovators and their achievements in the field.”
GoalMine enables consumers to start investing with as little as $25. A customer can choose a savings goal, which in turn helps them determine a time frame. Unlike typical investment products, GoalMine is simple to use, with no financial jargon. The company is integrating its product with prepaid cards, so cardholders can easily link their transaction account with an investment vehicle. This innovation will ultimately help underserved Americans to have better access to a financial product needed to help them reach financial prosperity.
Though GoalMine was announced the winner, dozens of bright ideas were submitted to the competition. Each of the other three finalists — PayNearMe, FIS and FlexWage — offers a solution for a particular underserved consumer pain point. PayNearMe is a cash payment network that enables underbanked consumers to pay for remote transactions with cash at local stores; FlexWage works with employers to give workers responsible access to accrued pay, in advance of payday; and FIS offers a solution to improve the customer experience with direct deposit.
The Forum continues through Friday, June 10, drawing executives and entrepreneurs from across the financial services landscape. This year’s featured innovators include Michael Joseph former CEO of Safaricom and co-founder of M-Pesa, Steve Streit, CEO of Green Dot, Douglas Merrill, CEO of ZestCash, Hamed Shahbazi of Tio Networks, Patrice Peyret of Plastyc and many others.
The Underbanked Financial Services Forum is the premier event for players across the financial services spectrum. Attendees get the latest information from industry experts and on-the-ground case studies, offering the best strategies and solutions to achieve profitable growth and long-term success. The Forum also offers an exhibit hall focused on underbanked solutions and a variety of networking formats. As awareness of the potential value and demographic diversity of the underbanked market continues to grow, the Underbanked Financial Services Forum remains the single best place to learn from and connect with industry leaders transforming the financial services landscape.
About Core Innovation Capital
Core Innovation Capital invests in technology-driven companies that strengthen the American middle class by delivering the highest value to underbanked people, who currently pay an estimated $29 billion a year in fees and interest charges. A venture capital limited partnership based in New York City, Core’s institutional investors are led by Goldman Sachs. For more information about Core Innovation Capital, visit http://www.corevc.com.
The Center for Financial Services Innovation (CFSI), the leading industry authority on financial services for underbanked consumers, is an investor and strategic partner to Core Innovation Capital. For more information, visit http://www.cfsinnovation.com.