Branch International, a San Francisco, CA-based finance app for Africa, raised $170m in Series C funding.
The round was led by Foundation Capital and Visa (NYSE: V), with participation from Andreessen Horowitz, Trinity Ventures, Formation 8, the IFC, CreditEase, and Victory Park as well as new investors, Greenspring, Foxhaven, and B Capital. In conjunction with the funding, Charles Moldow of Foundation Capital will be joining the Branch Board of Directors.
Visa’s investment will help the company expand financial access across the African continent, while accelerating new expansion in India and Latin America.
Branch and Visa will team up to offer virtual prepaid debit card numbers to customers around the world.
Founded in 2015 by Matthew Flannery, CEO, Branch uses the power of data science and mobile technology to reduce the barriers of delivering financial services in emerging markets. With over 3 million customers and 13 million loans processed, the company has disbursed over $350m.
Branch also has offices in San Francisco, Lagos, Mexico City, Mumbai and Nairobi.