Branch International, an online micro-lending platform, has raised $5m debt financing through Barium Capital to scale its operations in Kenya.
Branch is an online micro-lending platform which delivers world-class financial services to the mobile generation. With offices in Lagos, San-Francisco, Mexico City, Nairobi and Mumbai, Branch is a profit-based socially conscious company that employs the power of data science to reduce the cost of delivering financial services in emerging markets.
According to the East Africa General Manager for Branch, Dan Karuga, “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”
This $5m debt financing funding was raised on Jul 29, 2019, and it brings the funding amount for Branch International to a total of $264.7M via commercial paper issuances arranged by the Centum-owned advisory firm, Barium Capital.
This capital supports the $170M funding which was earlier raised on April 7, 2019 by top international investors, including Visa, Foundation Capital, Trinity Ventures, the World Bank Group’s International Finance Corporation and Andreessen Horowitz.
With the increasing use of smartphones in Africa, Brach is providing more financial access to people who are left out of the banking industry by using data science. Branch’s first product offering is lending, with plans to develop into payment products and savings later in future.