Mobile Lending App Branch Partners With Visa, Announces $170 Million In Fresh Funding
By Sarah Hansen
Branch International, a fintech startup that assesses creditworthiness using smartphone data, has raised $170 million in Series C financing and announced a new partnership with Visa. Foundation Capital and Visa led the round, which also included B Capital, Andreessen Horowitz, Formation 8 and Trinity Ventures.
With more than 3 million customers and more than 15 million loans issued in Kenya, Nigeria, Tanzania, Mexico, and India, Branch is working to expand access to credit in countries where the average middle class borrower might not have a credit history or even a bank account. Matt Flannery, Branch’s cofounder and CEO, says he took his inspiration for Branch in part from the success of M-Pesa, a mobile money service that launched in Kenya more than 10 years ago.
Photo courtesy of Neil Palmer.