Founded in 2015, Branch has grown rapidly into the top finance app by its mobile-first “branchless bank” service in Africa. Branch plans to use the proceeds from the Series B round investment to fund its continued expansion within the African market and to launch its services in India.
Before starting Branch, Matt Flannery was the Co-founder and CEO of the world’s leading non-profit lender Kiva. Matt Flannery, Co-founder and CEO of Branch, commented, “I’ve been working in microfinance — specifically in Africa — my whole career. Over the past decade, I witnessed the rapid spread of technology in the region. Microfinance has been slow to adopt mobile technologies, and customers have not reaped the benefits of quicker access to capital and more efficient pricing. After years of trying to change microfinance institutions from the outside, I decided to start one myself.”
On a daily basis, Branch processes tens of thousands of loans, in amounts ranging from $2.50 to $500, and expects its total loan origination to exceed $250 million in 2018. Recently entered into the Nigerian market, Branch is currently growing 50 percent month-over-month within that country and 20% month-over-month overall.