# Propel

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/propel-2

- Industry: Software
- Headquarters: Brooklyn, US
- Website: www.joinpropel.com
- Total disclosed funding: $73M
- Latest round: Series B (Feb 22, 2022)
- Investors on record: 16

## About

Propel, Inc. is a technology-driven company offering a mobile banking application that helps users manage their Electronic Benefits Transfer (EBT) balances and access financial resources.Founded in 2014 and headquartered in Brooklyn, US, Propel, Inc. specializes in providing financial solutions for low-income individuals by developing a mobile banking application. The company has undergone strategic pivots to focus on enhancing its technology platform. Propel has completed a total of 6 deals, with the most recent funding round being Series B, where they raised USD 55.00 mn on February 22, 2022, led by Nyca Partners and supported by investors such as Andreessen Horowitz and JP Morgan Asset Management. The current company valuation stands at USD 451.06 mn. The CEO, George Tulton, has a background that includes ventures aimed at improving access to financial services for underserved populations.Propel offers a mobile banking application designed to provide users with a comprehensive platform for managing their Electronic Benefits Transfer (EBT) balances, accessing relevant financial resources, and optimizing their benefit usage. The app serves as a centralized tool for low-income individuals who rely on government assistance programs, allowing them to efficiently track their EBT funds and stay informed about various supportive programs available to them. Released in recent years, Propel has established itself as a trusted resource, evidenced by over 900,000 positive reviews from users who praise its functionality and ease of use. The primary user base consists of individuals enrolled in government assistance programs across multiple states, including Alabama, California, Florida, and New York, among others, catering to a diverse demographic that seeks to navigate their financial challenges effectively.Propel's revenue model is based on partnerships with various stakeholders within the financial and government assistance sectors. The company engages in B2B collaborations, working directly with government agencies and retailers to facilitate access to benefits for users of its application. These partnerships may include revenue-sharing arrangements or service fees associated with the transactions processed through the app. Propel also offers potential subscription services for premium features that enhance the user experience, although specific pricing plans are not disclosed. The application stands as the flagship product, uniquely positioned to serve individuals relying on EBT, thereby creating a steady engagement channel that supports both user retention and potential revenue streams from partner integrations.In February 2022, Propel, Inc. raised USD 55.00 mn in Series B funding, which will be used to further develop and expand its debit card service. The company plans to introduce new products aimed at enhancing user experience and functionality within its application. Propel also aims to expand its presence into additional states by targeting markets that have high demand for government assistance solutions. This strategy is set to be implemented alongside the recent funding round, which will support product development and market expansion efforts.

## Funding rounds

- Series B, Feb 22, 2022, $55M — Kleiner Perkins, JP Morgan Asset Management, Andreessen Horowitz, Nyca, Salesforce Ventures, Flourish Ventures, Mischief
- Series A, Nov 30, 2018, $13M — Kleiner Perkins, Andreessen Horowitz, Omidyar Network, Nyca, WinWin, Thirty5 Ventures, Restive Ventures
- Seed, Apr 27, 2017, $4M — Financial Health Network, Andreessen Horowitz, Omidyar Network, SciFi VC, The Durant Company, WinWin, Serena Ventures
- Seed, Mar 11, 2016, $1.1M — Financial Health Network, Chmod Ventures, WinWin

## Investors

- Financial Health Network (https://capitalatlas.ai/funds/financial-health-network) — Seed
- Chmod Ventures — Seed
- WinWin — Seed, Series A
- Andreessen Horowitz (https://capitalatlas.ai/funds/andreessen-horowitz) — Seed, Series A, Series B
- Omidyar Network (https://capitalatlas.ai/funds/omidyar-network) — Seed, Series A
- SciFi VC (https://capitalatlas.ai/funds/scifi-vc) — Seed
- The Durant Company (https://capitalatlas.ai/funds/the-durant-company) — Seed
- Serena Ventures — Seed
- Kleiner Perkins (https://capitalatlas.ai/funds/kleiner-perkins) — Series A, Series B
- Nyca (https://capitalatlas.ai/funds/nyca) — Series A, Series B
- Thirty5 Ventures (https://capitalatlas.ai/funds/thirty5-ventures) — Series A
- Restive Ventures (https://capitalatlas.ai/funds/restive-ventures) — Series A
- JP Morgan Asset Management (https://capitalatlas.ai/funds/jp-morgan-asset-management) — Series B
- Salesforce Ventures (https://capitalatlas.ai/funds/salesforce-ventures) — Series B
- Flourish Ventures (https://capitalatlas.ai/funds/flourish-ventures) — Series B
- Mischief (https://capitalatlas.ai/funds/mischief) — Series B