Branch International, the popular digital lending app, has raised $170M in Series C funding being led by Visa and Foundation Capital. Other investors include Trinity Ventures, Andreseen Horowitz and Formation 8.
At the same time, Visa and Branch have announced a new partnership that will offer virtual prepaid debit card numbers to customers around the world. This enables unbanked Branch customers to receive credit at any physical ATM, essentially bypassing the need for a bank account.
Speaking about the new partnership, Matthew Flannery, CEO and Co-Founder of Branch, said:
“We started Branch in Kenya, where M-Pesa gives anyone with a phone — including the unbanked — access to digital credit. Unfortunately, mobile money isn’t available in most countries. With the help of Visa, now we can send cash to any ATM and reach the undeserved around the planet.”
He further stated:
“At Branch, we think our innovative mobile financial app will be able to provide consumers and merchants access to financial services thereby creating a larger and more robust open-loop payments ecosystem for all participants. It only makes sense to be working together with Visa to bring world-class financial services to merchants here in Kenya and beyond.”
Branch is the most downloaded finance app in Africa and one of the top 5 most popular loan apps in Kenya.
ABOUT BRANCH INTERNATIONAL:
Founded in 2015, Branch delivers world-class financial services to the mobile generation. With offices in San Francisco, Lagos, Mexico City, Mumbai and Nairobi, Branch is a global, socially conscious company that uses the power of data science and mobile technology to reduce the barriers of delivering financial services in emerging markets. With over 3 million customers and 13 million loans processed, Branch International has disbursed over $350 million.