# Propel

Propel is an Asset Manager based in San Carlos, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** San Carlos, United States
- **Region:** North America
- **Address:** Brooklyn, NY, United States
- **Assets under management:** Undisclosed
- **Website:** joinpropel.com
- **LinkedIn:** https://www.linkedin.com/company/wepropel

## Regulatory record

- **CRD number:** 283261
- **SEC file number:** 801-124861
- **Registration status:** Registered
- **Reports private funds:** Yes
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/283261

## About

Propel is an SEC-registered investment adviser in San Carlos, CA, registered since 2022. The firm manages approximately $704 million in regulatory assets. It has 4 employees and 3 investment advisers.

## Sectors

- FinTech
- Government & Public Sector

## Questions

### How does Propel make money if the app is free for users?

Propel generates revenue through selective advertising. The company sources and promotes free or discounted services available only to EBT cardholders, such as subsidized phone plans, discounted internet, and grocery savings at major retailers. Advertisers pay to access Propel's verified audience of over 5 million low-income Americans, creating a scalable, advertising-driven business model that does not charge end users.

### Is Propel a government contractor or a private technology company?

Propel is a private, venture-backed technology company. It is not a government agency or contractor but builds consumer software that interfaces with state government portals to provide a better user experience for managing public benefits. The app requires user permission to access state EBT data.

### Which states does the Propel app cover?

The Propel app supports EBT balance checking in 49 states, the District of Columbia, and several U.S. territories, including Puerto Rico, the U.S. Virgin Islands, and Guam. Balance checking is currently not available in Iowa.

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Last updated: 2026-06-03T20:00:00.000Z

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