What is Propel?
Propel is a mission-driven software enterprise dedicated to enhancing the accessibility and efficiency of the American social safety net. Its flagship product, the Fresh EBT smartphone application, serves as a digital hub for millions of families, allowing users to manage government benefits like SNAP with unprecedented ease. By integrating financial health tools into a user-friendly interface, Propel has moved beyond simple benefit management to become a comprehensive financial wellness platform. The company's market position is unique, sitting at the intersection of fintech innovation and public sector service delivery, backed by rigorous data showing measurable improvements in food security for its user base.
How much funding has Propel raised?
Propel has raised a total of $66.8M across 3 funding rounds:
Angel/Seed
$4M
Series A
$12.8M
Series B
$50M
Angel/Seed (2017): $4M with participation from Omidyar Network, Andreesen Horowitz, and SciFi VC
Series A (2018): $12.8M led by Nyca Partners, Andreessen Horowitz, Omidyar Network, and Kleiner Perkins Caufield & Byers
Series B (2022): $50M supported by Andreessen Horowitz, Salesforce Ventures, JPMorgan Chase, and Nyca Partners
Key Investors in Propel
Nyca Partners
Nyca Partners is a fintech venture capital firm that specializes in seed to Series B investments across payments, infrastructure, capital markets, and embedded finance.
Andreessen Horowitz
Founded in 2009, Andreessen Horowitz is a private American venture capital firm that invests in both early-stage start-ups and established growth companies.
Omidyar Network
Omidyar Network is a philanthropy focused on shaping the digital revolution to promote shared power, prosperity, and possibility.
What's next for Propel?
With the recent strategic investment, Propel is poised to expand its product ecosystem and deepen its impact within the financial services landscape. The company is expected to focus on enhancing its enterprise-grade infrastructure, potentially integrating more advanced financial tools that empower low-to-moderate income households. As Propel continues to scale, the focus will likely shift toward long-term sustainability and the broader adoption of its platform across various state and federal benefit programs. By maintaining its commitment to user-centric design and data-driven outcomes, Propel is well-positioned to lead the digital transformation of social welfare, setting a new standard for how technology can foster economic mobility and resilience for vulnerable populations.
See full Propel company page
