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JPMorgan is handing $3 million to 8 startups that can help your financial health

Frank ChaparroJun 15, 2017, 23:05 IST

Scott Barbour / Stringer / Getty Images

JPMorgan announced the winners of a $3 million competition on Thursday.

The contest seeks to recognize the most innovative companies in financial technology focused on remedying social issues related to personal finance. It drew applications from more than 300 firms across the US.

The contest is a joint initiative between the Center for Financial Services Innovation (CFSI), a community of financial innovators, and JPMorgan. Each winning company is set to receive $250,000 and join the CFSI's Financial Solutions Lab, which will provide the winners access to mentors and resources with which they can scale their business.

"We are encouraged to see so many talented startups and nonprofits focused on finding truly innovative solutions that can help the 57% of Americans who struggle with financial health," Jennifer Tescher, CEO and founder of CFSI.

Here are the 2017 winners: