Cambrian Fintech with Rex Salisbury

Building Propel with Jimmy Chen, Founder & CEO

Jul 10, 2023

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.

35:29

Creator website

Episode guests

Jimmy Chen

AI Summary

AI Chapters

Episode notes

Podcast summary created with Snipd AI

Quick takeaways

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.

Introduction

4min

Navigating Financial Cycles for Low-Income Individuals

14min

Navigating Financial Challenges for Low-Income Families During the Pandemic

2min

Transition to Providing Financial Services and Building Infrastructure

2min

Empowering Users Through Cash Transfers and Partnerships

11min

Navigating Founder Advice and Capital Raising in Non-Traditional Markets

3min

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/

Remember Everything You Learn from Podcasts

Save insights instantly, chat with episodes, and build lasting knowledge - all powered by AI.

Get the app

Cambrian Fintech with Rex Salisbury

Building Propel with Jimmy Chen, Founder & CEO

Episode guests

Podcast summary created with Snipd AI

Quick takeaways

Deep dives

Empowering Low-Income Families Through Financial Innovation

From Tech Industry to Social Impact

Revolutionizing Financial Services for the Underserved

Future Focus on Economic Empowerment

Collaborative Innovation and Social Impact

Remember Everything You Learn from Podcasts