Mobile lending startup Branch International has raised $170 million in series C financing and announced a new partnership with Visa by theothersarahh
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.
Easy access to credit helps create room for small businesses to grow. “They’ll take a $50 loan, go to the market, buy a bunch of stuff, make meals at their restaurant and then two weeks later do it again,” says Flannery of a typical Branch borrower. With a loan from Branch, a merchant might be able to invest in supplemental stock and a taxi driver might be able to gas up his car in advance of payday.
Branch isn’t the only company to recognize this opportunity. Tala, founded in 2013, also offers smartphone-based lending in many of the same regions where Branch operates and has disbursed some $500 million in loans. PaySense offers a similar service in India, as does OneFi in Nigeria. Currently, Branch borrowers might visit a local convenience store or bank to retrieve their loan using a code sent to their smartphone. But with Visa on board, Branch will now have access to a global network of ATMs so that borrowers will be able to withdraw funds from an ATM using “virtual” Visa credentials within that code, no physical debit debit card or bank account required.
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