Propel: Funding, Investors & Team (Oct 2026)
Propel builds software dedicated to helping low-income Americans improve their financial health with technology. Its core product, Fresh EBT, is a free smartphone app that allows EBT cardholders to manage their benefits, plan their grocery shopping, and save money on food. Fresh EBT is used by hundreds of thousands of Americans across the country and Propel has been featured in the NYTimes, Bloomberg, and Forbes. Propel was founded in 2014 and is based in Brooklyn, New York.
Propel has raised $53.5M across 2 funding rounds on record, the most recent an undisclosed round of $3.5M announced in Aug 2024.
That round is below the $15M median round size for Financial Services companies tracked on FundedIQ over the last two years.
Propel Company Profile and Key Stats
Latest funding round on record: Aug 2024.
Propel Funding Rounds
Propel raised $50.0M in a Series B announced in Mar 2022.
2.4 years later, an undisclosed round of $3.5M was announced in Aug 2024.
Propel Founders and Leadership Team
Contact details for the Propel team: 2 of 2 have an email address on file.
Start 14-day free trial →Propel Funding Compared to Other Financial Services Startups
Propel's latest round of $3.5M is below the median round in Financial Services. Medians cover the last 24 months of disclosed rounds.
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Propel Funding FAQs
What does Propel do?
Propel builds software dedicated to helping low-income Americans improve their financial health with technology. Its core product, Fresh EBT, is a free smartphone app that allows EBT cardholders to manage their benefits, plan their grocery shopping, and save money on food. Fresh EBT is used by hundreds of thousands of Americans across the country and Propel has been featured in the NYTimes, Bloomberg, and Forbes. Propel was founded in 2014 and is based in Brooklyn, New York.
How much funding has Propel raised?
Propel has raised $53.5M across 2 rounds on record. The most recent is an undisclosed round of $3.5M announced in Aug 2024.
When did Propel last raise funding?
Propel's most recent funding round on record is an undisclosed round of $3.5M, announced in Aug 2024.
Who founded Propel?
FundedIQ lists Jeff Kaiser (Founder) at Propel.
Who is the CEO of Propel?
Jimmy Chen is listed as CEO at Propel.
Where is Propel headquartered?
Propel is based in Brooklyn, New York, United States.
How many employees does Propel have?
Propel is in the 51-100 employee band.
How does Propel's funding compare to other Financial Services startups?
Propel's latest round of $3.5M is below the $15M median round size for Financial Services companies on FundedIQ across 5,751 tracked companies over the last two years.
About FundedIQ's Propel Funding Data
FundedIQ tracks announced funding rounds and refreshes this profile every week. Round dates, stages and amounts are normalised to a single format, converted to US dollars, and de-duplicated: two records of the same round announced days apart are merged, and two genuinely different rounds are kept apart on the amounts they disclose. Amounts shown are the disclosed figures only — a round announced without a number is listed and excluded from the total rather than estimated.
Employee counts are reported bands, not exact headcounts. Founder and executive names carry the job title on record. Anything we do not hold for Propel is left off this page rather than filled in.
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