Upsolve receives $4.2 million grant for the development of Upsolve Assist

Empowering Low-Income Americans with AI-Powered Financial Counselor

NEW YORK, Sept. 3, 2024 /PRNewswire/ -- An estimated 40 million low-income Americans struggle with high unsecured debt and poor credit scores, which worsen cycles of poverty. These challenges are difficult to address without access to personalized financial advice. Many are left to navigate these issues alone, relying on generic online information or, in some cases, falling victim to predatory services that only worsen their financial situation.

Upsolve, the nation's most visited nonprofit financial education site, aims to address this problem with the launch of Upsolve Assist, an AI-powered Financial Counselor specifically designed for low-income Americans. Upsolve Assist will deliver tailored financial guidance, analyzing users' unique financial situations to provide personalized guidance on debt management, credit improvement, and access to critical resources — all completely free of charge.

The development and rollout of Upsolve Assist is made possible by a generous $4,249,901 seed grant from the Bill & Melinda Gates Foundation. Jonathan Petts, co-founder and CEO of Upsolve, commented: "We're excited by the Gates Foundation's support for our vision of making personalized financial assistance available on demand for low-income Americans." Ben Jackson, co-founder of Upsolve, echoed these sentiments, drawing on his personal experience: "Having gone through the process of filing for bankruptcy without the money to afford legal help, I know firsthand how hard it is to navigate high debt and poor credit. We're building Upsolve Assist so others don't have to walk alone through financial distress. Our goal is to empower low-income Americans with the tools they need to regain control of their financial future."

The first version of Upsolve Assist is expected to be released in January 2025. If you are a nonprofit interested in offering Upsolve Assist to your members, please visit www.upsolve.org.

About Upsolve:

Upsolve is a tech-driven nonprofit that helps low-income Americans overcome debt and rebuild credit at scale. Upsolve was founded in Harvard Law School's Access to Justice Lab in 2016. Since then, Upsolve has become the nation's most visited nonprofit financial education site, educating approximately 2.9 million people a year with its detailed guides on managing debt and credit. To date, Upsolve's free bankruptcy filing tool has been used by over 14,000 families to relieve over $600,000,000 in debt. Upsolve users are disproportionately Black and Brown with an average household income of $25,000; they see their net worth improve by an average of $60,141 using Upsolve's bankruptcy tool. For its impact, Upsolve has received the Robin Hood Foundation's Heroes Award for "extraordinary contributions in the fight against poverty." Upsolve was also recognized by TIME as one of the "Top 100 Inventions of the Year," by Fast Company as a "World Changing Idea for Social Justice," and by The New York Times with the "Good Tech Award."

To learn more, visit www.upsolve.org.

SOURCE Upsolve