The funding will help Branch expand its accelerated payments offerings across new sectors and workforces. Here are the top-line bullets you need to know.
Branch, a worker payment software provider, has raised $48M in a Series B funding round — with participation from Drive Capital, CrossCut Ventures, and Bonfire Ventures, among others — and $500M in a line of credit from Neuberger Berman.
HOW’S THE COMPANY PERFORMING?
- Minneapolis-based Branch offers accelerated payments, digital wallets, and a zero-fee bank account that grants workers instant access to wages and personal finance tools.
- The platform’s enterprise customer base grew by 700% last year — notable customers include Domino’s, Supercuts, Continuum, Henry Ford Health System, Kelly, and Tagger.
- The company experienced 300% revenue growth over the same time period.
WHY DOES THE MARKET MATTER?
- The global HR payroll software market is projected to grow at a CAGR of 4.9% and reach a value of $5.89B by 2025, according to Apex Market Research.
- The on-demand economy, flexible payment methods, a globally distributed workforce, and disruptions caused by Covid-19 have all contributed to market growth.