Branch International raises Series C financing
Gunderson Dettmer client Branch, a mobile FinTech platform for emerging markets, has raised $170 million in a Series C round of funding led by Foundation Capital and Visa. New investors Greenspring, Foxhaven and B Capital joined existing investors Andreessen Horowitz, Trinity Ventures, Formation 8, the IFC, CreditEase and Victory Parks in the financing.
Branch also announced a partnership with Visa to offer financial access to billions of people unreached by banks. In the announcement of the partnership and fresh funding Matthew Flannery, co-founder and CEO of Branch said, “We started Branch in Kenya, where M-Pesa gives anyone with a phone – including the unbanked – access to digital credit. Unfortunately, mobile money isn’t available in most countries. With the help of Visa, now we can send cash to any ATM and reach the underserved around the planet.”
The Gunderson Dettmer deal team was led by Lou Soto and included Joshua Ephraim, Nicholas Markman, Matthew Weber and Dahni Ma.