Branch raises $170M led by Foundation Capital and Visa, sets expansion
Branch International, a company whose mobile app delivers financial services in emerging markets, has raised $170 million in Series C financing, led by Foundation Capital and Visa, according to a company release.
Several existing investors participated in the round, including Andreesen Horowitz, Trinity Ventures, Formation 8, the IFC, CreditEase and Victory Park. In addition to these existing investors, a few new investors include Greenspring, Foxhaven and B Capital.
Branch said the investment will help the company expand financial access across Africa and allow it to expand into new markets in India and Latin America.
"We started Branch in Kenya, where M-Pesa gives anyone with a phone — including the unbanked — access to digital credit," Branch co-founder and CEO Matthew Flannery said in the announcement. "Unfortunately mobile money isn’t available in most countries. With the help of Visa, now we can send money to any ATM and reach the underserved around the planet."
Branch said that it will work with Visa to offer virtual prepaid debit card numbers to customers globally, which will allow customers to gain access to money at any ATM around the world without the need for a bank account.