App-based lender Branch raises $170 mn in funding
Mobile app-based lender Branch International, that entered India last month, on Monday announced that it has raised $170 million in Series C funding led by Foundation Capital and Visa.
The funds will help US-based Branch International fuel new expansion in the Indian and Latin American markets, the company said in statement.
"Our previous rounds of funding helped us expand our services to new countries and with the current funding and partnership with Visa, we expect to enable Branch customers to access cash from any ATM around the world," said Matthew Flannery, CEO and Co-founder of Branch.
"We are aligned with our global goal of building a fair, secure and robust digital lending ecosystem in emerging markets such as India," Flannery added.
Available on Google Play, the Branch app offers easy sign-up for users who can create their profile directly in the app.
Once the profile is verified, users can apply for loans and receive money in their bank accounts within minutes.
The repayment of loans is also an effortless process as users can simply repay through their bank accounts, debit cards or UPI.
With over three million customers and 13 million loans processed, Branch International has disbursed over $350 million globally till date.
"Since we have gone live in India with our app, we have received tens of thousands of loan applications from all over the country. As we start to expand our product portfolio, we see India becoming a crucial market for us," said Charishma Chotalia, General Manager of Branch India.