App-based lender Branch raises $170 mn in funding

Monday, 08 April 2019, 13:01 Hrs
cmt right
Comment Right
cmt right
cmt right
Printer Print Email Email
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.

Read More News :

NIIT Tech to acquire WHISHWORKS in all-cash deal

UK may ban social media firms over toxic content

Source: IANS
SpiceJet plans aggressive
Budget passenger carrier SpiceJet plans to aggressively expand its international networks to fl..
Fossil Group sells smartwatch
Global watch and accessories maker Fossil Group has announced to sell its smartphone technolog..
Ola raises Rs 400 cr for electric
Leading ride-hailing cab aggregator Ola on Friday said it raised Rs 400 crore from its early in..
GST rate cut to spur Bengaluru
The realty market in India's tech hub is set to grow as lower Goods and Services Tax (GST) rate..