Nairobi and San Francisco-based mobile microfinance company Branch has secured $9.2 million in funding from Venture Capital firm Andreessen Horowitz to fund its expansion across Africa.
Mobile-based financial services company Branch has raised a Series A equity funding round of $9.6 million, as it positions itself for further growth and expansion into new markets. The funding will allow for the scaling of its operations, hiring talent in Kenya as well as expansion across East Africa in 2016.
The round was led by Andreessen Horowitz (a16z) , a prestigious US-based VC firm that has previously backed top international technology companies such as Facebook and Airbnb. Alex Rampell, the partner who invested on behalf of the fund, commented on the deal: “The combination of smartphones, digital money, and machine learning offers an opportunity to leapfrog old-fashioned credit infrastructure, and that’s precisely what Branch is doing”. Seed investors Khosla Impact and Formation 8 also participated in the Series A round.
“Over the last few months we’ve been growing rapidly”, Founder and CEO Matt Flannery said. “With this latest round of funding, we’re able to expand further to meet the huge …read more