American mobile lending app Branch International has raised $170m in Series C funding round led by Foundation Capital and Visa.
The round was joined by new investors Greenspring, Foxhaven, and B Capital.
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Its existing investors Andreessen Horowitz, Trinity Ventures, Formation 8, the IFC, CreditEase, and Victory Park also participated in the round.
Branch International fundraising: Future plans
The mobile lending firm intends to use the money to expand in Africa, Latin America and India.
Concurrently, Branch International has also entered into a partnership with Visa to provide financial access to the underbanked people.
The partnership will enable Branch International to provide virtual prepaid debit card numbers to the customers.
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By GlobalDataThe service, to be available globally, will enable the unbanked Branch customers to receive credit through any ATM.
Branch co-founder and CEO Matthew Flannery said: “With the help of Visa, now we can send cash to any ATM and reach the underserved around the planet.”
Established in 2015, Branch focuses on delivering financial services to the mobile generation. It has more than three million customers and has processed 13 million loans.
Last month, the company debuted in India.
As per the terms of the agreement, Foundation Capital’s Charles Moldow will join the Branch Board of Directors.
Moldow said: “Our history of successful fintech investments is evidence that we know how to spot true innovators, like Branch.
“The team has executed incredibly well and is poised to become the cross-border financial super-app.”
