Branch, a Minneapolis, MI-based provider of solutions for businesses to accelerate workforce payments, raised $548m in funding.
Addition led the closing of a $48m Series B funding round with participation from Drive Capital, Crosscut Ventures, Bonfire Ventures, Matchstick Ventures, and HR Tech Investments LLC, a subsidiary of Recruit Holdings Co., Ltd., among other investors. Branch has also secured $500m in purchased assets from funds managed by Neuberger Berman.
The company intends to use the funds to expand operations and its business reach.
Founded in 2015 and led by CEO Atif Siddiqi, Branch offers enterprises a solution to deliver on-demand payments and empower their employees and contractors with tools including digital payouts of tips, wages, and off-cycle payments, earned wage access, fee-free banking, and paycard alternative. The company recently expanded the platform to support contractor payments and reporting, offering a more streamlined, uniform payments experience for businesses and their 1099 workers. Companies can automate processes, reduce payroll costs, support independent contractors with free financial services, and remove logistical burdens and cash flow concerns.
Branch serves companies in retail, restaurant, logistics, manufacturing, and healthcare.