BANKING

Branch International Secures $170m Funding To Finance Expansion Drive

In collaboration with Foundation Capital and Visa, Branch International has raised a $170 million series C financing for the under-banked.

Joining this round of investment are existing investors, which include –Andreessen Horowitz, Trinity Ventures, Formation 8, the IFC, CreditEase, and Victory Park. Other new investors are: Greenspring, Foxhaven, and B Capital.

Charles Moldow of Foundation Capital, who will be joining the Branch Board of Directors, said he has known the Branch team since the company’s inception.

“After tracking them for years, it has become clear to me that emerging markets are one of the biggest growth areas for fintech. Our history of successful fintech investments is evidence that we know how to spot true innovators, like branch. The team has executed incredibly well and is poised to become the cross-border financial super-app.” -Moldow

Branch International and Visa in new partnership

The two companies share a vision of bringing financial access to billions of people who are still un-reached by banks.

Visa’s investment in Branch will help expand financial access across the African continent, while fuelling new expansion in India and Latin America.

Branch and Visa will team up to offer virtual prepaid debit card numbers to customers
around the world. This avails un-banked Branch customers the option to receive credit
at any physical ATM, bypassing the need for a bank account.

Traditional barriers such as a credit score and bank account make financial accessibility
a challenge for over 2 billion people in the world. Yet, many in under-served markets,
have a financial tool right in their pockets – their mobile phones.

By tapping into the rise of mobile technology worldwide, Branch aims to radically expand financial access, making full global inclusion a reality in our lifetime.

What you should know about Branch International

Founded in 2015, Branch International 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. In addition to credit, Branch intends to
roll-out to high-yield savings accounts to customers this year.

This post was originally published here

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