Fulfilling the Promise of FinTech: The Case for a Nonprofit Vision and Leadership

Fulfilling the Promise of FinTech: The Case for a Nonprofit Vision and Leadership

nLIFT, or Nonprofit Leaders in Financial Technology, is a new consortium of leaders from nonprofit organizations around the country. We come from different regions and have different operating models but two things unite us. First, we are committed to working in our respective ways to build the financial security of low- and moderate-income households. Second, we see a unique and necessary role for the nonprofit sector to play in ensuring that FinTech, or financial technology, innovations focus on those households’ needs. We believe that such a focus is unlikely to happen on its own for a variety of reasons, mostly to do with fintech’s existing incentive structures.

This Manifesto sets forth nLIFT’s vision, our values, and our theory of change. We acknowledge that fintech is still growing and evolving—indeed that is the very reason why we seek to influence its direction now. We also acknowledge that the best paths to fruitful collaborations between the nonprofit sector and fintech players remain to be charted, and may change over time. It is our hope that this document will inspire the kinds of productive, mutually respectful conversations by which those paths may ultimately be illuminated—and then followed.

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