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Branch is a free-to-download Android app which offers microloans. They underwrite their loans through data analysis, usually gleaned through app permissions where Branch understands how much a user spends on their phone plan or who they call, and uses this data to predict borrower habits. From this information, they offer users lines of credit ranging from $2.50 to $500 in a few seconds.
Founded in 2015, Branch operates in emerging markets, such as Kenya, Nigeria, Tanzania, India and Mexico.
They charge 15% interest on their smaller loans, which are usually due at the end of a month, and they charge 15% APR on their largest loans, up to $1,000 and paid out over a 12 month period.
Announced in September 2015, and for an undisclosed amount, Branch raised their Seed funding from Khosla Impact Fund and Formation 8.
In March of 2016, Branch announced they had raised $9.2 million in funding. The round was led by Andreessen Horowitz, and included Khosla Impact Fund and Formation 8.
Branch raised $2 million in credit in September of 2017. The credit was arranged by Nabo Capital from investors and fund managers local to Africa, and, specifically, Kenya.
Announced in March, 2018, Branch raised $70 million in debt and equity funding. The round was led by Trinity Ventures with participation from Victory Park, International Finance Corporation, Andreessen Horowitz and CreditEase Fintech Investment Fund.
In July 2018, Branch raised KES 350 million in capital investment based on commercial paper issuance arranged by Barium Capital. The investment was committed towards growth and expansion in Kenya.
Announced in April of 2019, Branch raised $170 million in funding in conjunction with a partnership with Visa. Visa and Foundation Capital led the round which included investment from B Capital, Andreessen Horowitz, Formation 8 and Trinity Ventures. Through their partnership with Visa, users will be able to get virtual Visa account for those without banks.
Announced in August of 2019, Branch raised $5 million via commercial paper issuances arranged by Barium Capital. The debt financing was committed towards local lending in Kenya and growth in Branch's product portfolio.
