Forage raises additional $40M to help low-income families save on groceries

Forage, a mission-driven financial infrastructure platform, has successfully raised $40 million in a Series B funding round led by Mouro Capital. The funding round, which also saw participation from notable investors including Nyca Partners, PayPal Ventures, Long Journey Ventures, Intuit Ventures, NextLadder Ventures, Pivotal Ventures, and FJ Labs, was announced on June 3, 2026. The capital will be utilized to scale Forage's recently launched consumer app and enhance its payments infrastructure, aimed at supporting low-income families.

The Forage app, which has been downloaded over 100,000 times since its launch, serves as a free tool that allows users to securely check their Electronic Benefits Transfer (EBT) balances and earn rewards on everyday purchases. The platform is designed to alleviate financial stress for low-income families, who often struggle with the high costs of groceries. By providing a simple interface for checking EBT balances and discovering savings opportunities, Forage aims to reach one million families by the end of 2026.

Forage's technology is particularly significant in the context of the Supplemental Nutrition Assistance Program (SNAP), which serves approximately 40 million Americans. The existing infrastructure for SNAP has been criticized for its inefficiencies and lack of digital integration. Forage addresses these challenges by modernizing the payment ecosystem, making it easier for families to access benefits, retailers to accept them, and government agencies to ensure compliance. The company's payments technology is already utilized at over 100,000 stores nationwide, including major retailers like Dollar General and online platforms such as DoorDash and Uber Eats.

The strategic rationale behind this funding round is clear: as grocery prices continue to rise, the need for solutions that enhance affordability for low-income consumers is more pressing than ever. A recent survey indicated that 53% of American adults view high grocery prices as a significant source of financial stress. By streamlining the process of accessing SNAP benefits and providing additional rewards for purchases, Forage is positioned to play a crucial role in addressing this affordability crisis.

Looking ahead, the implications of Forage's funding and growth trajectory could resonate throughout the broader financial technology sector. As the demand for digital solutions in payment processing and financial accessibility continues to grow, Forage's innovative approach to SNAP infrastructure may serve as a model for other companies aiming to tackle similar challenges. The successful integration of technology into government benefit programs not only enhances user experience but also drives greater participation and efficiency, potentially transforming how low-income families manage their finances in the digital age.