The funding will help Branch expand into new industries and double the size of its workforce. Here are the top-line bullets you need to know.
Branch, an on-demand pay app, has raised $75M in a Series C. The round drew participation from Addition, General Atlantic, Drive Capital, Indeed, CrossCut Ventures, and other undisclosed investors.
How’s the company performing?
- Minnesota-based Branch helps businesses offer accelerated pay and digital wallets to their employees.
- The company offers digital payouts of tips, wages, and off-cycle payments, earned wage access, fee-free banking, and pay card alternatives. It also provides back contractor payment and reporting tools.
- In 2021, the company witnessed 700% platform growth year-over-year — its overall business has grown more than 2,000% over the past 3 years.
- Branch caters to companies such as Domino’s, Uber Freight, Supercuts, Walmart Spark, Continuum, Henry Ford Health System, Kelly, and Flashtract.
Source: Branch
Why does the market matter?
- The global digital lending platform market is expected to reach a value of $27.1B by 2028, growing at a CAGR of 18.13%, according to Verified Market Research.
- Widespread digitization has contributed to the increased adoption of digital banking, particularly among younger populations. In fact, 97% of millennials use mobile banking, according to Insider Intelligence. This has increased the demand for digital lending services, contributing to growth in this market.
