Propel, a FinTech company designed to help low-income families in America to improve their financial health, has reportedly raised $50m.
The Series B round was led by Nyca Partners, with commitments also coming from JPMorgan Chase, Salesforce Ventures and Andreessen Horowitz, according to a report from Forbes.
With the funds, the company plans to further the develop its platform and expand its debt card service.
Propel offers a free mobile app that helps users manage benefits, save money and earn income. It claims its platform is used by more than five million people across 50 states and three territories.
Other features include instant balance checking, coupons to make savings, access job postings and get instant updates about benefits.
Nyca Partners managing partner Hans Morris told Forbes, “If you look at financial services for poor people, in many cases, they’re a rip off.
“Propel shows that it doesn’t have to be like that, but you have to be very good at avoiding people who are going to use the card fraudulently, at managing all your costs, but also at creating very good experiences. And it takes really good software to do that.”
With the capital injection, the company has raised a total of $80m in funding for its Series A.
Last year, Nyca Partners led the $200m Series B funding round of Thought Machine, a cloud-native core banking solution.
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