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

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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:

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Dave

Dave wants to save people from overdraft fees. The app connects with a user’s checking account and forecasts the account’s lowest possible balance in seven days based on their spending habits. When a user’s forecast dips below zero they are notified so that they can make adjustments to their spending.

Dave also allows users to borrow cash if their balance gets low. Users who have a negative seven-day balance can borrow up to $250 of their coming paycheck to cover expenses.

The company has the financial backing of billionaire investor Mark Cuban.

EverSafe

EverSafe wants its customers to rest easy knowing that their sensitive banking information won’t be jeopardized by crypto-criminals. The Maryland-based cybersecurity firm seeks to protect seniors by monitoring their financial behavior and alerting them and designated family members when irregular transactions takes place on their financial accounts.

Alerts can be sent by email, text message, or phone.

Grove

Grove is a San Francisco-based financial-advice platform that pairs technology with people. According to a news release, the firm strives to provide “accessible and affordable” financial plans “within reach for everyone.”

To sign up for early access, visit the company’s site.

See the rest of the story at Business Insider

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