Branch, a Minneapolis, MN – based workforce payments platform, closed a Series C funding round totaling $75m.
The round was led by Addition, with participation from General Atlantic along with return investors Drive Capital, Crosscut Ventures, and Indeed, among others.
The company intends to use the funds to continue to grow operations, doubling headcount, with all positions available to work remotely anywhere in the US, and its business reach in such sectors as Trucking, Logistics, Last-Mile Delivery, and Restaurants and expand into new verticals such as Construction, Hospitality, and Fitness.
Led by CEO Atif Siddiqi, Branch powers fast payments and provides inclusive financial services to W-2 and 1099 workforces for companies such as Uber Freight, Kelly, Walmart Spark, Flashtract, and Tippy. Branch’s offerings include instant, digital payouts of tips, wages, off-cycle, and contractor payments; free earned wage access; zero-fee banking; and an accessible paycard alternative. Building new tools for independent contractors growing their businesses, the company is rolling out expense management cards with large enterprise customers including trucking and logistics companies. Fleet operators can now provide cards to their drivers along with granular level expense controls to track spend on frequent business purchases such as fuel. Branch has also launched the ability to instantly issue a business debit card and a new cash back rewards program. Companies can add custom rewards for their employees and contractors to the program as well.