Propel (Providers)
“Can a free EBT balance-checking app become the primary financial account for America's 40 million government benefits recipients?”
Founded2014
HQNew York, NY, USA
Latest roundSeries B, March 2022
IndustryFintech / Consumer banking
The story
Founded in 2014 as Propel, the company started as a simple EBT balance-checking app for SNAP recipients. Over time it evolved into a broader financial super-app for low-income Americans — adding savings offers, job listings, benefits updates, and eventually a debit card product (Providers Card) to become a mobile banking alternative. By 2022-2024, the rebrand to 'Providers' and the card launch signaled a clear pivot from utility app to embedded-finance neobank targeting government benefits recipients.
Last 12 months
Product timeline
2014
Founded as Propel Inc. to help government benefits recipients check EBT balances via mobile app.· banking
2021
Raised Seed round led by Matrix Partners to expand EBT management and financial tools for low-income Americans.· banking
2022
Raised Series B led by Nyca Partners; rebranded the main product as 'Providers' with expanded mobile banking features.· banking
2023
Launched Providers Card, a debit card product with its own Cardholder Agreement, Card Terms of Use, and Privacy Policy, extending from EBT companion app to full mobile banking.· card
2024
Integrated tax filing (Column Tax partnership) and expanded to Social Security and WIC management alongside EBT.· banking
The stack
Accounting gap: none