Newark, DE (September 25, 2024) – The Center for Advancing Financial Equity (CAFE) announced its cohort of companies selected for the CAFE Fall 2024 Fintech Accelerator Program. This groundbreaking non-profit accelerator supports and scales revolutionary technology companies that prioritize financial inclusivity and innovation with their products that improve the financial wellness for low- to moderate- income (LMI) people and communities. 

Finalists for the cohort were chosen from across the US, following a rigorous selection process, based on the founding team, company’s mission, product validation and current market traction, future scalability, and social impact.

The Fall 2024 CAFE Cohort Companies include:

Carvertise: Places advertisements on high mileage cars in the community that  an advertiser wants to stand out in – all with a tech platform that offers GPS tracking, matching of driver routes and advertiser need, experiential activations at events, as well as digital retargeting and attribution studies. To date Carvertise has paid out over $5M dollars to everyday commuters, including LMI people, which increases their passive income.

GivingCredit: Creates access to commercial finance by recognizing and rewarding peer lending in financially excluded communities. Through a web-based social credit network and partnerships with financial institutions, Giving Credit brings transparency to community finance and develops commercial financial products that leverage peer lending data for underwriting, opening up wealth-building pathways.

Kredit Academy: Operates at the intersection of financial education and credit access, offering a dual solution tailored for small to mid-sized financial institutions including a rewards-driven financial education platform, Kredit Quest, and a secured credit card product. Kredit Academy empowers institutions to promote financial wellness by providing accessible credit-building tools to drive deeper member engagement and retention.

Odynn: An embedded fintech, AI/ML, next-gen loyalty optimization program manager. Odynn democratizes access to travel benefits by giving consumers access to easy-to-use tools that build financial equality, health, and knowledge in credit cards and loyalty. 

Prismm: Provides a SaaS digital vault that simplifies asset and document management for financial institutions, streamlining wealth transfer processes. By ensuring secure storage and automated asset transfers, Prismm advances financial wellness for LMI individuals by reducing the risk of asset loss or mismanagement during generational wealth transfers, potentially preserving more resources for underserved communities.

Salus: A digital platform focused on expanding access credit to the millions of people under-served by the current financial system. Our innovative digital scoring platform for microloan underwriting has helped over 10,000 subprime borrowers save $1.3 million in interest and fees versus predatory alternative finance providers.

The Fall 2024 program’s main sponsor is Best Egg, a leading fintech that drives financial confidence, located in Wilmington, DE. 

“We are immensely proud to continue our partnership with CAFE for its Fall 2024 Fintech Accelerator Program. At Best Egg, we recognize the transformative power of fintech to bridge gaps in financial access and equity, which is why we are committed to nurturing the next generation of fintech innovators. This program not only allows us to share our decade-long experience in fintech but also to collaborate with promising startups that share our mission of building financial confidence. Supporting this initiative aligns perfectly with our goals as a company and strengthens the fintech ecosystem in our home state of Delaware,” said Sabrina DeVito, Chief Strategy Officer, Best Egg.

 Additional distinguished sponsors for the Fall Accelerator include American Bankers Association (ABA), Siegfried Advisory, Delaware Prosperity Partnership (DPP), Wolf & Co, Delaware Tech Park, deBanked, and Discover Financial Services.

CAFE’s 8-week hybrid-virtual program will run from September 30th to November 25th and will follow the successful format of the inaugural spring accelerator program where companies benefited through mentors, advisors, and industry expert speakers including financial institutions and banks, capital sources, and potential customers. Additionally, companies undergo coaching for real-world business growth, including selling to large regulated institutions, technology innovation, and regulatory compliance. 

 “The CAFE accelerator is a unique opportunity for founders, incorporating insights and resources from top industry leaders, entrepreneurs, bankers, academics, and investors. As a nonprofit, we are deeply committed to growing impactful technology solutions for financial and social good. The success of our inaugural program exceeded expectations, with participants making significant strides in building meaningful relationships to grow their businesses and impact,” said Kristen Castell, CAFE Managing Director.

 As a non-profit, CAFE seeks monetary sponsorship and partnership support for the accelerator program and overall financial inclusion mission. Companies pay no fee to participate in the accelerator, and CAFE does not take an equity stake nor invest in the companies.

CAFE is part of the FinTech Innovation Hub in Newark, Delaware. Mike Bowman, CEO of Delaware Tech Park (DTP) and CAFE Board Chairman said: “The FinTech Innovation Hub is the culmination of a five-year collaboration between DTP, Discover, and the University of Delaware that was created to address inequities in access to affordable, safe, and high-quality financial services. The CAFE Accelerator and GrowthStage Incubator are at the heart of this effort to support building companies with innovations in this space. The FinTech Innovation Hub with CAFE, GrowthStage Incubator and several UD Centers has attracted many partners, sponsors and over 200 hundred interested companies.” 

About CAFE

CAFE is a non-profit 501(c)(3) organization that advances financial health & wellness for low- to moderate- income (LMI) communities through fintech innovation and partnerships. CAFE was launched in part by funding from the Small Business Association (SBA).

Learn more about CAFE at www.ftcafe.org and https://www.linkedin.com/company/ftcafe

Press & partnership inquiries, contact Managing Director, Kristen Castell ([email protected])