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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.
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
Company values
- Mission-driven excellence: We aim for quality in our craft, because our mission—and our users—deserve nothing less
- Progress over perfection: We believe in the power of small improvements that build over time. We take pride in progress
- Listen first: We approach our work with humility and admit that there's a lot we don't know
- Propel each other: We win and learn as a team. We grow by pushing each other to do our best work
Funding (last 2 of 6 rounds)
Aug 2024
$3.5m
GRANT
Mar 2022
$50m
SERIES B
Total funding: $88m
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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Sales & Account Management