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Jimmy Chen founded Propel in 2014. In 2016, Propel introduced the mobile app FreshEBT.
The app allows users of the Electronics Transfer Benefit (EBT) card and receiving benefits through the Supplemental Nutrition Assistance Program (SNAP) to check their balances, find stores which accept SNAP, track their spending, use digital coupons and search their job board. To help users find discounts and coupons, Propel partnered with Quotient Technology, a digital promotions, media and analytics company.
FreshEBT tries to help users budget their benefits. They offer a tool where they hide benefits so users can't see them. And they offer users a recommended weekly budget. They offer, with cookbook author Leanne Brown, low-cost, high-nutrition recipes. And the app lists places where further assistance can be found, such as non-profits and food pantries.
The app is free to use both for consumers and government agencies. Propel makes money through funding, digital coupons and their job board.
Propel announced in June, 2015, $1.2 million raised in funding from the Financial Solutions lab Cash Flow Management Competition.
In June 2015, Propel announced $250,000 in a convertible note from the Center for Financial Services Innovation (CFSI).
Announced in April, 2017, Propel raised $4 million in seed funding. Investors included Andreessen Horowitz, Omidyar Network, The Durant Company, SciFi VC, Jay Borenstein, WinWin Ventures and the Financial Solutions Lab at the Center for Financial Services Innovation.
Propel raised $12.8 million in their Series A funding announced in December of 2018. Nyca Partners led the round which included participation from Andreessen Horowitz, Kleiner Perkins Caufield & Byers, Omidya Network, Alexa von Tobel and Thirty Five Ventures.
