Startup profile for Propel: latest funding, latest known valuation, total disclosed funding, investors, status, sources, and why the company is interesting. Part of the Venture Capital Tracker startup directory.
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Propel funding, valuation and investors

Fintech behind the Propel app for SNAP/EBT benefits and low-income financial tools.

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Funding, valuation & investors

Answer-first snapshot

Latest funding

Series B

$50M · March 2022

Latest known valuation

Not publicly disclosed

Total disclosed equity funding

$67M

Excludes debt, grants, acquisitions, secondaries, and IPO proceeds.

Current status

private

growth · Brooklyn, NY

Investors in latest funding

Lead: Nyca Partners

Other: Andreessen Horowitz , Kleiner Perkins

Sources: latest funding Last verified: 2026-07-25

Overview

Propel builds financial tools for low-income Americans through its free Propel mobile app (formerly Fresh EBT and Providers). Users check EBT/SNAP balances, track transactions, find SNAP-accepting stores, and access adjacent savings and job resources. Jimmy Chen founded the company through Blue Ridge Labs at Robin Hood in 2014 after stints at Facebook and LinkedIn. Andreessen Horowitz led a $4M seed in April 2017; Nyca Partners led a $12.8M Series A in December 2018 and a $50M Series B in March 2022 with a16z and Kleiner Perkins re-upping. Propel reports 5M+ households using the app monthly — about one in four SNAP recipients.

Why Propel is interesting

Jimmy Chen's Providers app reaches 5M+ households — roughly one in four SNAP recipients — by fixing UX state EBT portals ignore, with a16z seed backing and $50M Series B in 2022.

Product & use cases

Propel's free mobile app lets EBT cardholders check SNAP balances, review transactions, get fraud alerts, find grocery deals, and access financial tools — replacing phone hotlines and paper receipt tracking.

  • SNAP/EBT balance and transaction tracking on mobile
  • Grocery deal discovery and SNAP-eligible store lookup
  • Benefits fraud protection and policy update notifications
  • Financial health tools for households ignored by mainstream neobanks

Key facts

  • Seed (Apr 2017): $4M led by a16z; Omidyar Network, Kevin Durant's Thirty Five Ventures participated (TechCrunch)
  • Series A (Dec 2018): $12.8M led by Nyca Partners; a16z and Kleiner Perkins participated (TechCrunch)
  • Series B (Mar 2022): $50M led by Nyca; JPMorgan Chase, Salesforce Ventures, a16z, Kleiner re-upped (Propel Medium)
  • 5M+ households monthly — leading EBT app covering ~25% of SNAP recipients (2022 press)
  • Founded via Blue Ridge Labs / Robin Hood civic-tech incubator in Brooklyn

Funding history (newest first)

Series B

2022-03 $50M

Source: https://medium.com/@JoinPropel/propel-raises-50m-series-b-to-help-americans-with-low-income-make-it-through-the-month-every-3b7ea2ad3d54

Series A

2018-12 $12.8M

Source: https://techcrunch.com/2018/12/14/propel-series-a/

Seed

2017-04 $4M

Source: https://techcrunch.com/2017/04/27/propel-seed-funding/

Investors in our directory

Funds linked from Propel's profile — open a fund page for stage focus and related deal articles.

Andreessen Horowitz Kleiner Perkins

Competitive landscape

Edge: Largest EBT-focused app audience with aligned impact-and-business model — revenue from helping users save money rather than predatory fees common in low-income financial products.

Propel wins on UX and trust for benefits users mainstream fintech ignores. Nyca Partners' Hans Morris noted low-income financial services are often exploitative — Propel's model ties revenue to user savings. State systems improve slowly; Propel's scale creates data and advocacy leverage.

  • State EBT portals and hotlines incumbent

    Official but poor mobile UX; users call 1-800 numbers to check balances.

  • Cash App / mainstream neobanks adjacent

    General consumer fintech; not benefits-native or optimized for SNAP workflows.

  • Unofficial third-party EBT apps direct

    Clone apps with trust and credential-security risks versus Propel's established brand.

  • Providers Card / debit offerings alternative

    Propel's own adjacent products; users may rely on free app alone.

Notable stories

  • Jimmy Chen started Propel at Blue Ridge Labs (Robin Hood Foundation) after seeing SNAP recipients call 1-800 hotlines to check balances — at seed launch, 250,000+ users saved two months of human time daily versus phone lines (Propel Medium, 2017).
  • NBA star Kevin Durant's Thirty Five Ventures joined Propel's 2017 seed alongside a16z — unusual cultural-capital backing for a food-stamp UX startup (TechCrunch).

Industries

Fintech Consumer

Related funding articles

Venture Capital Tracker pieces that cover Propel's financing or category context.

FAQs about Propel

Practical answers founders, operators, and investors typically search for.

A fintech company offering the free Propel app (formerly Fresh EBT/Providers) for SNAP/EBT balance checks, transaction history, and financial tools for low-income households.
The product rebranded under the Propel company name; the app helps users manage government benefits and was formerly called Fresh EBT and Providers.
a16z led the 2017 seed and participated in later rounds. Nyca Partners led Series A and B. See /fund/andreessen-horowitz and /fund/kleiner-perkins.
5M+ households monthly as of 2022 Series B press — roughly one in four SNAP recipients.
State portals and hotlines work but offer poor mobile UX. Propel provides instant balance checks, deals, and alerts on smartphones.
March 2022 — $50M led by Nyca Partners.
Jimmy Chen, a former Facebook product manager, founded Propel in 2014 through the Blue Ridge Labs incubator.
Yes — the core EBT balance and benefits app is free for users per company mission statements.
Revenue model details are less public than user scale; company ties business incentives to helping users save on groceries and financial services rather than charging benefit recipients.
Not publicly disclosed.
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