Fintech firm Branch International, which was founded in Kenya, has raised $170 million and announced a partnership with Visa to expand into Brazil and Indonesia.
The company, now based in Silicon Valley, offers personal loans for as little as $2 up to around $700 via mobile in emerging markets, according to Quartz.
It’s the largest African tech funding deal so far in 2019. The online micro-lending startup secured a $70 million series B in March 2018,Globenewswire reports.
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Branch uses an algorithm to determine creditworthiness from smartphone data so that users can access credit.
It is partnering with credit card giant Visa to offer virtual, pre-paid debit cards to clients in Africa, South Asia and Latin America, according to Forbes.
The $170 million series C funding round was led by Silicon Valley-based Foundation Capital and Visa, with participation from B Capital, Andreessen Horowitz, Formation 8 and Trinity Ventures.
The investment, which is the largest African tech funding deal of 2019 so far, will be used to expand the company into Brazil and Indonesia.
Branch launched in Mexico and India in 2018. Its African markets include Kenya, Nigeria and Tanzania.
The company is already profitable and Branch co-founder and CEO Matt Flannery expects it to reach $100 million in revenues this year with around 70 percent of that generated in Africa, according to Techcrunch.
Branch has raised $254.7 million in six funding rounds since it was established in 2015, according to Crunchbase.
Trinity Ventures led the equity portion of the funding round, with participation from International Finance Corporation, Andreessen Horowitz and CreditEase Fintech Investment Fund.
