Propel, founded by Jimmy Chen, aims to improve America's safety net by making government benefits more accessible. They started with SNAPs, now offer a full money app. Propel serves over 5 million people in all 50 states. The podcast explores the challenges faced by low-income individuals and the company's evolution into a mobile banking and benefits info provider. It also discusses the impact of the platform's cash transfer program and partnerships with nonprofits.
Propel revolutionizes America's safety net with user-friendly Snap program for balance checks via smartphones.
Propel's financial evolution transcends Snap benefits to a comprehensive money app tailored to users' needs.
Partnerships with FinTech firms empower users to navigate finances effectively, unlocking tax refunds and delivering economic empowerment.
Deep dives
Empowering Low-Income Families Through Financial Innovation
Propel, founded by Jimmy Chen, strives to revolutionize the American safety net, starting with the user-friendly Snaps program that offers balance checks via smartphones. Over 5 million users across all states benefit from Propel's all-in-one money app, transforming into a comprehensive financial tool beyond Snaps.
From Tech Industry to Social Impact
Jimmy Chen's path from the tech industry to Propel's inception in 2014 stemmed from a fellowship enlightening him about low-income families' financial challenges. Witnessing the cumbersome EBT card balance checks led to creating Fresh EBT, providing hassle-free use for millions, marking the inception of Propel's journey.
Revolutionizing Financial Services for the Underserved
ProPel's evolution transcended from solely aiding with Snaps benefits to a broader financial vision. The marketplace model allows users to effortlessly check their balances and access opportunities tailored to their socioeconomic status, enhancing financial health and creating an inclusive banking experience.
Future Focus on Economic Empowerment
Propel's future objectives align with reducing financial stress by aiding low-income families to navigate monthly hurdles effectively. By analyzing users' challenges holistically and expanding services to housing, utilities, jobs, and healthcare, Propel aims to ensure users can consistently manage their finances and thrive.
Collaborative Innovation and Social Impact
Through partnerships with FinTech firms like Column Tax, Propel empowers users to file taxes effortlessly, unlocking millions in tax refunds. Additionally, initiatives like cash grant programs and disaster relief efforts showcase Propel's commitment to delivering value directly to users' pockets, reinforcing economic empowerment.
Jimmy Chen founded Propel in 2014 with the ambitious vision of improving America’s safety net. $65 Billion of government benefits go unclaimed because of cumbersome and opaque processes. Even when those benefits are claimed, the user experience is frustrating.
Propel started by making one of America's most important social benefit programs, SNAPs, formerly known as food stamps more user friendly. Propel makes it possible for any of the 42 million Americans on SNAPs to check their balance from their phone instead of having to call a 1-800 number and wade through a cumbersome phone tree.
Today, Propel serves over 5 million people in all 50 states
To share how Propel vision expanded beyond SNAPs to become an all-in-one money app to include mobile banking, benefits info with the goal of patching America’s broken safety net, I’m excited to have Jimmy Chen here to share his story.
https://www.joinpropel.com/
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