Mobile lending Branch International has raised $170M series C financing led by Foundation Capital and Visa among other investors in a bid to expand the access of finances across Africa as it strives to explore India and Latin America.
Charles Moldow of Foundation Capital said that the investment was informed by the excellent growth record of branch saying the team has executed incredibly well and is poised to become the cross-border financial super-app.
Branch has also announced a global partnership with visa which will enable prepaid debit card numbers to customers worldwide, and the Branch customers can access loans at any physical ATM.
Bill Sheedy, Executive Vice President of Strategy at Visa said that the partnership with Branch provides Visa a key distribution mechanism to reach people that were previously out of reach and help shape the future of microfinance.
Matthew Flannery, CEO, and co-founder of Branch said that with the help of Visa, Branch clients could receive cash from ATM and the company will reach more people worldwide,
“We started Branch in Kenya, where M-Pesa gives anyone with a phone — including the unbanked — access to digital credit. Unfortunately, mobile money is available in most countries. With the help of Visa, now we can send cash to any ATM and reach the underserved around the planet,” he said.