Branch International in collaboration with Foundation Capital and Visa has raised a $170 million series C financing for the under-banked.
The financing was done by existing investors which include Andreessen Horowitz, Trinity Ventures, Formation 8, the IFC, CreditEase, and Victory Park; while other new investors are: Greenspring, Foxhaven, and B Capital.
Charles Moldow of Foundation Capital, who will be joining the Branch Board of Directors, said “after tracking them for years, it has come 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”.
Branch International and Visa’s partnership came to be because 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.
Visa will team up with Branch International 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.
Branch International aims to radically expand financial access, making full global inclusion a reality in our lifetime. The company will achieve this by tapping into the rise of mobile technology worldwide.
Branch was founded in 2015 and has offices in San Francisco, Lagos, Mexico City, Mumbai, and Nairobi. It 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.
The company, which has over 3 million customers and 13 million loans processed, has disbursed over $350 million.