Propel
Financial services and products for low-income Americans
- 101-200 employees
- B2C
- Financial Services
- SaaS
- Downtown Brooklyn, NY
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Company mission
To enable Americans with low income to improve their financial health.
14% employee growth in 12 months
Our take
SNAP (Supplemental Nutrition Assistance Program) benefits are used by millions of Americans, but the scheme has long been hampered by a lack of innovation or digitization. Propel offers instant access to balances, plus local offers and discounts, and support in finding work. It also provides a free debit card that can be used for everyday shopping, bills, savings, and online transactions.
Formerly known as Food Stamps, SNAP benefits can be a hassle to use, with some recipients still having to make phone calls to gauge their budget. Propel's users can keep track of and manage their government-provided SNAP benefits from its mobile app, Providers, enabling low-income Americans to make use of this critical safety net more easily.
The Providers app has been used by upwards of 5 million of a potential roughly 40 million people who use SNAP benefits, showcasing both the current reach of the company and how much space it has in which to grow. With a presence in all 50 states, as well as some territories, Propel raised $50 million in 2022 which it is using to expand its debit card services, widening its reach to a growing customer base.
Steph
Company Specialist at Welcome to the Jungle
Benefits
- Remote-first: Team members work remotely across the US. We also have offices in Brooklyn, Salt Lake City, and San Francisco. We bring everyone together once or twice a year
- Generous benefits: We cover up to 99% of the premium for medical, dental, and vision. We also have 16-week parental leave, 20 vacation days, and 401k matching eligibility on day
Funding (last 2 of 6 rounds)
Aug 2024
$3.5m
GRANT
Mar 2022
$50m
SERIES B
$88m
Total funding
This company has top investors
Leadership
Jimmy Chen
(Founder & CEO)Having studied at Stanford, they worked for 2 years as a LinkedIn Associate Product Manager, before spending a further 2 in the same position at Facebook. They left to co-found Propel in May 2014.
Jeff Kaiser
(Co-Founder & COO)Graduated from Yale University with a B.A. in Political Science and Government. Before co-founding Propel, they were a Project Manager at Dalberg Global Development Advisors.
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