SpringFour delivers financial health resources to combat rising transportation costs
CHICAGO, September 14, 2023 – SpringFour, the leading social impact fintech that provides access to thousands of financial assistance resources, will now deliver financial health resources to make transportation more affordable across the United States.
The average household spends almost $11,000 on transportation costs per year, and that number is expected to grow as costs continue to rise. Transportation is the single biggest expense for families following housing, accounting for around 16% of the average expenditures. Public transportation costs have increased by an average of almost 20% across the country in 2022.
SpringFour’s vetted nonprofit and government transportation assistance resources include low to no-cost vehicle purchases for qualifying individuals; car repair, maintenance, and gas assistance; public transportation subsidies; free non-emergency medical transport; and vehicle and ridesharing, among other programs.
In partnership with banks, credit unions, fintech lenders, servicers, employers, nonprofits, and more, SpringFour’s suite of products provides consumers access to financial assistance resources. Now, transportation financial assistance resources will be offered in addition to the tens of thousands of resources already available through SpringFour, including food assistance, affordable childcare, employment resources, healthcare support, rental resources, down payment assistance, home repair, prescription savings, and more.
“Transportation is essential to helping people maintain jobs, continue their education, support the economy, and stay connected to their family and community. Everyone deserves access to transportation and resources that empower their financial health journey. We’re proud to work with top institutions to prioritize their customers’ financial health, and that includes helping people find ways to reduce their transportation costs,” said Rochelle Gorey, SpringFour Founder and CEO.
In 2022, SpringFour delivered 4.4 million financial health referrals to individuals, providing access to more than 22,000 vetted government and nonprofit resources in over 665 cities, towns, and metro areas through its direct-to-consumer digital tools and call center technology solutions. Customers save an average of $250 per month using resources recommended by SpringFour.
SpringFour, the first-of-its-kind social impact fintech, empowers banks, credit unions, fintech lenders, employers, mortgage servicers, nonprofits, and more to connect consumers with vetted, local nonprofit and government financial health resources — increasing payment performance; powering consumer financial health, knowledge and capability; and driving ESG impact. Trusted by Capital One, BMO, M&T Bank, OppFi, Key Bank, Avant, Enova, Oportun, Mission Lane, and more, SpringFour is a Certified B Corporation, WBE, and the only woman-led, social impact fintech that provides value for origination, servicing, and collections, creating opportunities for enterprise-wide innovation. SpringFour’s product suite includes an innovative contact center tool, digital self-service models, and API. SpringFour delivered 4.4 million financial health resource referrals to consumers in 2022 in categories including food savings, rental resources, and more. To learn how SpringFour can benefit your organization, visit www.springfour.com.
Impact and Communications Manager