SAN JOSE, Calif.--(BUSINESS WIRE)--Rezzcard, a mobile app that allows consumers to see their current rent balance and due date, search their payment history, find the nearest payment location and pay their rent, won the $50,000 grand prize at the FinCapDev $100K Demo Day, held at PayPal’s Town Hall on October 30. BillGuru and Moneythink Mobile earned runner up prizes of $25,000 each. FinCapDev is a mobile app development competition that harnesses the power of technology to improve financial capability and access to financial products. It is administered by Doorways to Dreams (D2D) Fund and the Center for Financial Services Innovation (CFSI), and is made possible through the support of the Citi Foundation, Ford Foundation and the MetLife Foundation.
“We’re thrilled to have won FinCapDev,” said Alex Cooper, CEO and founder of Rezzcard. “It’s been a fantastic competition and with the winnings, we’re excited to invest in the further development of Rezzcard - specifically mobile - and ultimately help consumers improve their financial health starting with one of their biggest financial obligations: paying rent.” Rezzcard is currently available for download on Google Play.
At the FinCapDev $100K Demo Day, ten finalist teams made their pitches to a panel of expert judges comprised of Kristen Berman, Founder of Irrational Labs; Maggie McGrath, reporter at Forbes; Carrie Schwab-Pomerantz, President, Charles Schwab Foundation, Senior Vice President, Charles Schwab & Co., Inc. and Chairman of the Board, Schwab Charitable; Danny Shader, CEO of PayNearMe; and Jason Young, Co-Founder of Mindblown Labs. Apps were evaluated based on their innovativeness, impact, business model and market viability, and ease of use.
"We are thoroughly impressed with this year’s class of FinCapDev finalist teams and the products they’ve built," said Timothy Flacke, Executive Director of D2D Fund. "Congratulations are due not only to the finalist teams, but also to all the FinCapDev partners and supporters who have helped position those teams to have an even greater impact on underserved Americans."
“The apps that the FinCapDev finalist teams unveiled at Demo Day highlight the potential of technology to improve consumer financial health,” said CFSI President & CEO Jennifer Tescher. “These innovations are harnessing technology to solve real pain points that millions of Americans face on a daily basis—and we’re proud of contributions like these to the financial services marketplace.”
The 2014 FinCapDev finalist teams built apps that address a variety of financial challenges, from saving for retirement to prioritizing bill payment. The apps are:
- 2055 (San Francisco, CA), led by Brent Lamphier - 2055 helps you save and earn money to make your future retirement goals a reality.
- Alcanza (Mountain View, CA), led by Miri Hutcherson, Juntos Finanzas – Alcanza is a free app for busy people seeking greater peace of mind about their finances. Based on the Mexican Loteria, it breaks down expert financial planning into single digital playing cards with actions that take less than five minutes a week.
- BeThrifty (New York, NY), led by Femi King – BeThrifty is an app that facilitates bulk purchases by small groups, allowing individuals to buy staple goods at bulk discount prices.
- BillGuru (San Francisco, CA), led by Yoni Blumberg - BillGuru is a free service that helps people organize, track, and prioritize their bills to minimize fees and interest penalties. BillGuru evaluates late fees, interest rates, and financial consequences, and calculates which bills you should pay with the money you have on hand.
- DoLoCo (New York, NY), led by Xin Wang – Leveraging insights from savings and lending circles, DoLoCo formalizes informal giving and fundraising to meet the financial needs of a community and reduce dependence on expensive sources of credit.
- MoneySmart for Kids (Oakland, CA), led by Trish Powell, GoodMoneyApps, LLC – MoneySmart for Kids is a mobile app for parents and children that will reward kids for completing tasks while instilling sound financial values and mindful spending early in life.
- MoneyThink Mobile (Chicago, IL), led by Jennifer Shoop, MoneyThink - Moneythink Mobile is a gamified Instagram for finances.
- Planwise (San Francisco, CA), led by Vincent Turner, Planwise – Planwise is the first mobile app to combine property financial information with your personal financial information and real time mortgage pricing to give you feedback on mortgage affordability and accessibility.
- Rezzcard (Haworth, NJ), led by Alex Cooper, Rezzcard - The Rezzcard app, available to residents of buildings and properties that offer Rezzcard payment services, lets you see your current rent balance and due date, search your payment history, find the nearest payment location and pay your rent.
- Union Capital (Boston, MA), led by Eric Leslie, Union Capital Boston - Union Capital is a loyalty rewards points tracking program for low-income families that provides social and financial service rewards in exchange for community involvement in schools, health centers, community organizations, and civic programs.
The Financial Capability Development Competition (FinCapDev) is a nationwide $100,000 challenge to develop new mobile apps to help underserved Americans make smart financial choices and get better access to financial services. It is a community of developers, technologists, financial service firms, venture capitalists, engineers, non-profit organizations, entrepreneurs, businesspeople, students, advisors, marketers, designers, and more working together in ways otherwise unexpected in the pursuit of building new mobile apps that improve financial capability and access for underserved Americans. FinCapDev is made possible through the generous support of the Citi Foundation, Ford Foundation and the MetLife Foundation. Learn more about FinCapDev at http://fincapdev.com.
About Doorways to Dreams Fund (D2D Fund)
Doorways to Dreams (D2D) Fund is a national nonprofit headquartered in Boston whose mission is to strengthen the financial opportunity and security of low-to-moderate income consumers by discovering ideas, designing solutions, pilot testing and evaluating designs, and driving innovations to scale. To do this, D2D works with the financial services industry, government agencies, national nonprofit groups, state and local community groups, and public policy organizations. D2D’s innovation process has generated solutions including financial capability video games, prize-linked savings products, and tax-time savings opportunities. For more on D2D, go to www.d2dfund.org and follow on Twitter at @D2DFund.
About the Center for Financial Services Innovation
The Center for Financial Services Innovation (CFSI) is the nation’s authority on consumer financial health. CFSI leads a network of financial services innovators committed to building a more robust financial services marketplace with higher quality products and services. Through its Compass Principles and a lineup of proprietary research, insights and events, CFSI informs, advises, and connects members of its network to seed the innovation that will transform the financial services landscape. For more on CFSI, go to http://cfsinnovation.com and follow on Twitter at @CFSInnovation.