Branch International to speed-up use of mobile banking technology across Africa

BranchBranch is one of the top finance apps in Africa. (Image source: lau rey/Flickr)Branch International, a mobile branchless bank for emerging markets, has announced a US$70mn Series B investment to further expand its financial offerings to additional countries

Branch is one of the top finance apps in Africa and has more than a million unique borrowers. The app provides credit and aims to diversify into savings and payments in coming days.

According to McKinsey, almost two billion people and 200mn small businesses lack access to savings and credit within emerging markets. Branch focuses on providing world-class financial products across these markets.

Branch said that the emerging markets present a significant opportunity for the technology-led financial services industry to reach more than 1.6bn new retail customers as well as grow individual and business loan volumes by US$2.1 trillion.

Commenting on the relevance of the finance app in African region, Matt Flannery, co-founder and CEO of Branch, said, “Over the past decade, I witnessed the rapid spread of technology in the region. Microfinance has been slow to adopt mobile technologies and customers have not reaped the benefits of quicker access to capital and more efficient pricing.”

Paulo de Bolle, global director of the IFC and a member of the Fintech Investment Committee, noted, “Through its innovative and accessible use of mobile technology, Branch will deliver financial services to millions of underserved customers in Africa and other emerging markets.”

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