">
TechMoran
  • About Us
  • Deals
  • Jobs
  • Motoring
    • Money
  • Pitch Your Startup
  • Submit Your Post
  • Freelance Gigs
  • Travel
  • Men’s Corner
  • Dating
Tuesday, January 19, 2021
  • Startups
  • Reviews
  • Insider
    • Obituaries
  • Business
  • Women
  • Blockchain
  • Columnists
  • Hacks & Facts
    • How To
  • Editions
    • US Edition
    • India Edition
    • MENA Edition
    • Asia Edition
    • Europe Edition
    • International Edition
No Result
View All Result
TechMoran
">
Home Funding

Branch raises $70 million in series B from IFC, Andreessen Horowitz & CreditEase to launch savings & payments segments

Milcah Lukhanyu by Milcah Lukhanyu
3 years ago
in Funding, Startups, Tech
5 min read
0

Related posts

A Non-Profit American Organization Is Demanding For Telegram To Be Removed From The Apple Store

January 19, 2021
0

Mastercard, Unilever & KCB Bank to pump over $150,000 into SMEs in Kenya via their Jaza Duka program

January 18, 2021
0

This VC firm is Calling for Changes to Cut-and-paste VC Strategy In Africa

January 18, 2021
0

Tizeti rolls out high-speed 4G LTE in Edo with N4000/month broadband service

January 18, 2021
0

 Branch has raised $70 million in series B led by CreditEase, a Beijing-based leading FinTech conglomerate recently joined a group of prestigious investors to participate in the Series B investment round of $70 million in Branch International.

Other investors include International Finance Corporation (IFC), Andreessen Horowitz, Trinity Ventures and Victory Park. Anju Patwardhan, Managing Director of CreditEase FinTech Investment Fund, will join as a board advisor. Branch will use the money to expand its product offerings beyond micro-lending into savings and payments.

According to Anju Patwardhan, Managing Director of CreditEase FinTech Investment Fund, “A financial revolution is taking place in emerging markets, supported by increasing penetration of smart phones, availability of alternative data sources and changing consumer mindsets. There is a huge unmet demand for financial services in emerging markets. FinTech companies like Branch are leveraging these mobile technologies and their deep local market knowledge to capture these unprecedented market opportunities and promote financial inclusion.”

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.”

READ  Inside Branch, Tala & Mshwari | Which one works for you?

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.

 

 

Readers 4,468

Share

  • Click to share on Telegram (Opens in new window)
  • More
  • Click to share on Tumblr (Opens in new window)
  • Click to print (Opens in new window)
  • Click to share on LinkedIn (Opens in new window)
  • Click to share on Pinterest (Opens in new window)
  • Click to share on Reddit (Opens in new window)
  • Click to share on Pocket (Opens in new window)

Like this:

Like Loading...

Related

Tags: Branch
Milcah Lukhanyu

Milcah Lukhanyu

Milcah Lukhanyu covers daily news briefs at TechMoran. She is the person who will probably read your press release and get the story out of it or totally trash it. Send tips to [email protected]moran.com

Related Posts

Social media

A Non-Profit American Organization Is Demanding For Telegram To Be Removed From The Apple Store

January 19, 2021
0
Business

Mastercard, Unilever & KCB Bank to pump over $150,000 into SMEs in Kenya via their Jaza Duka program

January 18, 2021
0
Startups

This VC firm is Calling for Changes to Cut-and-paste VC Strategy In Africa

January 18, 2021
0
Startups

Tizeti rolls out high-speed 4G LTE in Edo with N4000/month broadband service

January 18, 2021
0
Startups

Copia Kenya hosts MIT Global Entrepreneurship Lab project 

January 18, 2021
0
Tech

Use these smart TV security tricks to protect your privacy

January 18, 2021
0
A salesman checks a customer's iPhone at a mobile phone store in New Delhi, India, July 27, 2016. REUTERS/Adnan Abidi
Mobile

How To Measure How Much You Walk On Your iPhone

January 17, 2021
0
Entrepreneurship

Adam Molai’s JUA Kickstarter Fund Doubles to $2M to Kickstart African Entrepreneurship

January 15, 2021
0

https://bit.ly/2VOxuoBhttps://bit.ly/2VOxuoBhttps://bit.ly/2VOxuoB
ADVERTISEMENT

Join our Mailing List

Loading

Recent Posts

A Non-Profit American Organization Is Demanding For Telegram To Be Removed From The Apple Store

January 19, 2021

CAF and StarTimes in a joint venture to broadcast Total CHAN, Cameroon 2020 in Sub-Saharan Africa

January 19, 2021
LIKEE

6 Alternative Apps To TikTok That Might Even Be Better

January 19, 2021

How to move all of your WhatsApp groups and get started with Signal

January 18, 2021

How to Apply Online Single Business Permit.

January 18, 2021
">
">

Follow Us

">

There are many sites out there focused on blowing off some steam, from funny entertainment to thrilling experiences like playing online, in some cases online gaming could grant you the chance to win extra money. We came across rocketpot.io while browsing for a good btc casino online and it left us a very good impression with their wide variety of games and crypto offering.

Privacy & Cookies: This site uses cookies. By continuing to use this website, you agree to their use.
To find out more, including how to control cookies, see here: Cookie Policy

© 2019 Moran Media Group - All rights reserved TechMoran.

No Result
View All Result
  • Startups
  • Reviews
  • Insider
    • Obituaries
  • Business
  • Women
  • Blockchain
  • Columnists
  • Hacks & Facts
    • How To
  • Editions
    • US Edition
    • India Edition
    • MENA Edition
    • Asia Edition
    • Europe Edition
    • International Edition

© 2019 Moran Media Group - All rights reserved TechMoran.

Login to your account below

Forgotten Password? Sign Up

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
%d bloggers like this: