Branch, an International micro-lending with operations in Africa has secured $5 million funding. They plan to leverage this fund to boost lending services in Kenya and also grow its product portfolio.
This new funding totals the number of funds raised by Branch locally to over $14.4 million that is KES 1.5 billion. The new fund also complements the $163.1 million Branch raised earlier in 2019 from top international investors like the World Bank Group’s International Finance Corporation, Visa, Foundation Capital, Trinity Ventures and Andreessen Horowitz.
Dan Karuga, the East Africa General Manager for Branch said that with the high rate of smartphone adoption in emerging markets, Branch is uniquely positioned to leverage its advanced use of data science to underwrite and provide credit and other financial services to more customers than ever before.”
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Teresia Muthoni, Barium Capital’s Managing Director said, “Our investor base continues to be keen to be part of Branch’s growth story and we’re proud to have secured them an opportunity to do so”.
Branch’s is one of the early-stage companies to issue commercial paper. It is also one of the first early-stage startups to successfully secure funds in the local market. The company is in operations across, Nairobi, Kenya, San Francisco, Mumbai, Mexico City, and Lagos, Nigeria.
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