COMPANY PROFILE

Propel

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Propel builds software for low-income Americans who are often overlooked by traditional tech innovation

New York City, United StatesFounded 2014Fintech

Valuation $100–250M Last recorded · 2022

Revenue $10–50M Latest reported FY

Headcount 100–500 Current team size

Total funding $50–100M Disclosed equity funding

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About Propel

Propel is a tech startup that aims to make America's safety net more user-friendly. It operates in the social welfare sector, specifically targeting low-income Americans who are often overlooked by traditional tech innovation. Propel's primary product is a free mobile app called Providers, which is used by over 5 million people across all 50 states and 3 territories.

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The Providers app is designed to help users manage their benefits, save money, and earn income. It offers instant EBT balance-checking, eliminating the need for users to call a 1-800 number. The app also provides tailored offers, such as coupons and resources, to help users stretch their resources throughout the month. Additionally, it presents job postings that suit different schedules, from quick gigs to full-time work, providing new opportunities for users to earn and advance.

Propel's business model is centered on providing a free service to its users while likely generating revenue through partnerships with businesses that offer the tailored deals and job opportunities featured on the app.

In 2023, Propel took on the responsibility of raising awareness about the risk of Medicaid churn due to post-pandemic Medicaid "unwinding", which led to millions of Americans losing healthcare. Through the Providers app, Propel aims to help users navigate this issue by meeting them where they already are.

Source: Dealroom company data