MetLife Foundation and Verb Announce Winner of Financial Innovation Competition
October 22 2018 - 10:00AM
Business Wire
Onward Financial Receives $100,000 Grant to
Expand Full-Service Employee Financial Wellness Program
MetLife Foundation and Verb announced Onward Financial as
the first place winner of the Inclusion Plus competition in the
United States. The competition was open to entrepreneurs,
non-profits and other social impact organizations focused on
addressing the financial health needs of low- to moderate-income
Americans. Standing out among more than 150 entries, Onward
Financial received a $100,000 grant from MetLife Foundation.
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Onward Financial is offered as an employee benefit, and provides
an app for workers to save effortlessly, build financial literacy
and access responsible credit when emergencies strike, such as a
car repair bill or unexpected medical expenses. Similar to how a
401(k) program assists with saving for long-term financial
stability, Onward’s savings programs help low- to moderate-income
workers build short-term savings and create better financial
habits.
"Our team is beyond grateful for this opportunity,” said Onward
Founder and CEO Ronnie Washington, Jr. “It's been wonderful getting
to know the other finalists, working with MetLife mentors and
engaging with the judges during the final pitches. We’re thrilled
to have the support of MetLife Foundation behind us as we seek to
expand our financial wellness program to more employees across the
U.S. We’ll do that by integrating with a broader set of payroll
providers to make offering the app easy and seamless for employers
of all sizes.”
“MetLife Foundation sees the competition model as an effective
mechanism to identify and elevate innovations that are helping
people improve their financial lives,” said Dennis White, president
and CEO of MetLife Foundation. “Through this work, we support
organizations like Onward Financial at the forefront of financial
health in the United States, and around the world.”
Additional grant recipients in the U.S. competition include:
- Second place: Oxygen offers
freelancers and independent contractors who have uneven cash flow
access to credit, working capital loans and free mobile
banking.
- Third place: EARN, whose
flagship platform, SaverLife, combines financial rewards for
saving with motivational digital financial coaching to encourage a
regular savings habit and help families build a financial
cushion.
- Runner up: Benefit Kitchen’s new
program, Censerio, uses data analytics tools to help ensure
working poor Americans can participate fully in the economy and
unlock benefits they need to promote greater health and build
financial security.
- Runner up: PYT Funds connects
families and banks to provide new solutions to fund higher
education.
The U.S.-based competition represents the culmination of a
three-year program that included nine prior competitions. Inclusion
Plus engaged nearly 500 organizations across Ireland, China, India,
Mexico, Egypt, Lebanon, Bangladesh, Spain, Portugal, Australia,
South Korea and the U.S.; MetLife employee volunteers dedicated
over 8,000 hours as judges and mentors; and MetLife Foundation
provided nearly $1 million in grant funding to accelerate the
impact that 50 entrepreneurial organizations have on building a
more financially inclusive world.
To learn more about the competitions, visit
inclusionplus.com.
About MetLife
MetLife, Inc. (NYSE:MET), through its subsidiaries and
affiliates (“MetLife”), is one of the world’s leading financial
services companies, providing insurance, annuities, employee
benefits and asset management to help its individual and
institutional customers navigate their changing world. Founded in
1868, MetLife has operations in more than 40 countries and holds
leading market positions in the United States, Japan, Latin
America, Asia, Europe and the Middle East. For more information,
visit http://www.metlife.com.
About MetLife Foundation
MetLife Foundation was created in 1976 to continue MetLife’s
long tradition of corporate contributions and community
involvement. Since its founding through the end of 2017, MetLife
Foundation has provided more than $783 million in grants and $70
million in program-related investments to organizations addressing
issues that have a positive impact in their communities. In 2013,
the Foundation committed $200 million to financial inclusion, and
our work to date has reached more than 6 million low-income
individuals in 42 countries. To learn more about MetLife
Foundation, visit metlife.org.
About Verb, Inc.
Verb is a social enterprise that produces global social
entrepreneurship competitions and delivers employee engagement in
partnership with companies, foundations and governments. Verb
competitions mobilize thousands of teams from around the world to
solve the planet's most pressing social and environmental problems.
Founded in 2013 by Austin entrepreneurs Suzi Sosa and Tom Meredith,
Verb leverages its online platform, innovation expertise, and
entrepreneur network to produce a social innovation engagement
experience unlike any other. For more information, visit
www.verb.net/.
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version on businesswire.com: https://www.businesswire.com/news/home/20181022005068/en/
MetLife FoundationMeredith Hyland,
212-578-9415Meredith.Hyland@metlife.comorVerbBecky Dreps,
512-786-0042becky@goverb.com
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