Propel, the software developer behind the Providers app, offers free debit card accounts and grants users access to job opportunities, discount coupons and savings tools.
Jimmy Chen, founder and CEO of Propel, the software developer behind the Providers app, which offers free SNAP benefit tracking and debit card accounts while granting users access to job postings, discount coupons and savings tools.There’s no shortage of fintech startups tackling business loans, mortgages, and student and consumer debt, but Brooklyn-based Propel is focusing on financial services for low income families and it just raised $50 million to keep growing.
Propel started when CEO and founder Jimmy Chen left a big-shot product manager job at Facebook in 2014 to launch his own startup through a Blue Ridge Labs fellowship later that year, with a vision to bring dignity and ease to the experience of receiving and using benefits, specifically food stamps. The mission is personal for Chen who remembers what it was like to grow up in a household that struggled with food insecurity.
Propel raised $50 million in a Series B round led by Nyca Partners, joined by other investors including JPMorgan Chase, Salesforce Ventures and Andreessen Horowitz. This round’s capital injection brings the startup’s total funding to $80 million since its Series A in 2018.
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