An independent, Madison-based consumer finance “think and do tank” is planning to open a new incubator to benefit “under-banked” consumers. Filene Research Institute has received a $700,000, 30-month grant from the Ford Foundation to start an accessible financial services incubator that will test, package, and scale financial products to benefit low- and moderate-income U.S. consumers. Beginning in November, Filene will select 25 U.S. credit unions and five products for an 18-month pilot project.
Filene’s benefactors include UW Credit Union, Summit Credit Union, CUNA Mutual Group, CUNA, and CUES. Paul Kundert, UW Credit Union’s CEO, is the board chair.
The incubator will be headquartered in downtown Madison.
