Propel is excited to announce the close of its $100M Fund V, which will expand the firm’s global investments in visionary founders building tomorrow's economy.
Since its founding in 2016, Propel has raised over $436M to invest in 62 companies across modern banking and wealth platforms, crypto infrastructure and brokerages, and enterprise SaaS serving the Fortune 500. The firm supports founders at the earliest stages—often when the product exists only in PowerPoint—and is passionate about helping build enduring businesses that transform the financial services ecosystem.
Financial services represent a massive part of the global economy and are also one of the largest consumers of technology. However, the sector has long struggled to innovate quickly, creating ample opportunities for startups. As AI rebuilds every aspect of financial services, crypto establishes new rails for economic activity, and incumbents require new technologies to empower their reinvention, the moment is ripe for startups to capitalize on these dynamics.
Propel’s portfolio is a testament to the substantial opportunities in revolutionizing money, reinventing financial services, and creating technology that transforms traditional institutions. Highlights include:
To date, Fund V has made five new investments across emerging sectors, including AI-native companies for financial planning and analysis, payment processing infrastructure, and energy infrastructure. Propel is currently investing in pre-seed and seed rounds, primarily writing $1-4 million checks.
"The disequilibrium between financial services incumbents' technology needs and their ability to quickly innovate creates ample opportunities for startups, no matter the economic climate," says Jay Reinemann, Founder and General Partner at Propel.
"Propel helps execution-focused founders build enduring businesses that rethink how financial value is created, moved and secured."
Jay continues: "Our portfolio companies consider us true partners and confidants, and we're committed to helping them shoulder the burden when challenges inevitably arise."
"Propel is a deeply founder-aligned firm that aims to remain true to the craft of venture capital," says David Mort, General Partner. "Our smaller fund size allows us to invest early, be aligned with founders and take product risk appropriate with the earliest stages of investing."
David adds: "We're actively investing in the new economy, where AI is rebuilding every aspect of financial services, crypto is establishing new rails for economic activity and emerging technologies are helping large enterprises be competitive in this new paradigm."
A heartfelt thank-you goes out to Propel’s long-term limited partner BBVA, the entire team at Propel, and everyone who has contributed to its success along the way. Most of all, the firm thanks the founders who have partnered with Propel and taken as much of a bet on the firm as it has on them. "It’s truly a gift to work with talented entrepreneurs every day and help bring their visions to life."
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