It’s been a year of tremendous change and tremendous growth. We’ve watched the tides turn when it comes to workers demanding more from the companies they work for—whether they’re W-2 employees or 1099 contractors. Branch has been proud to continuously evolve and meet the needs of the American workforce with faster payment solutions and financial wellness tools that provide a meaningful impact to their lives.
Companies and workforces are finding incredible value in our faster payments and accessible, transparent financial services. That’s why just six months since we announced our series B, we’re so pleased to announce we’ve closed our $75 million Series C funding. Led by Addition, the round includes participation from leading global growth equity investor General Atlantic along with return investors Drive Capital, Crosscut Ventures, Indeed, Matchstick Ventures, Bonfire Ventures, among others.
Along with this news, we’re thrilled to introduce new products that help working Americans grow financially: expense management cards, the ability to instantly issue a business debit card, and a new cash back rewards program.
Read more about these exciting new developments in the press release below.
Branch Closes $75 Million Series C to Expand Accelerated Workforce Payments
New Funding Round Led by Addition Follows Platform Revenue Growth of Over 700%
MINNEAPOLIS, MN -- Branch, a leading workforce payments platform, today announced it has closed a Series C funding round totaling $75 million. The round, led by Addition, includes participation from leading global growth equity investor General Atlantic along with return investors Drive Capital, Crosscut Ventures, and Indeed, among others.
Branch powers faster payments and provides inclusive financial services to W-2 and 1099 workforces for companies such as Uber Freight, Kelly, Walmart Spark, Flashtract, and Tippy. Recognized on the Deloitte Technology Fast 500™ as one of the fastest growing companies in North America, Branch’s workforce payments platform revenue grew by more than 700% over the last year. The company will use this capital infusion to further momentum in Trucking, Logistics, Last-Mile Delivery, and Restaurants and expand to new verticals such as Construction, Hospitality, and Fitness. The company plans to double headcount, with all positions available to work remotely anywhere in the US.
“Faster payments have played a pivotal role in our mission of helping working Americans grow financially, delivering tremendous value to so many people and industries,” said Branch CEO Atif Siddiqi. “With this new round, we have an incredible opportunity not only to accelerate payments in new sectors, but also provide additional cash flow benefits and tools to our customers.”
Building new tools for independent contractors growing their businesses, Branch is rolling out expense management cards with large enterprise customers including trucking and logistics companies. Fleet operators can now provide cards to their drivers along with granular level expense controls to track spend on frequent business purchases such as fuel. Branch has also launched the ability to instantly issue a business debit card and a new cash back rewards program. Companies can add custom rewards for their employees and contractors to the program as well.
“Branch is a proven, trusted solution serving some of the nation’s largest companies with faster workforce payments,” said Lee Fixel, founder of Addition. “We’re excited to support Atif and the team at Branch as they continue to scale the business and further cement themselves as the market leader in workforce payments.”
“Innovation in workforce payments is becoming more crucial as the relationship among corporates, workers, and end customers evolves and the working world emerges from the transformational last few years,” said Paul Stamas, Managing Director and Global Co-Head of Financial Services at General Atlantic. “Branch is powering this shift, and we’re thrilled to support the company in its efforts to bring a new level of trust, reliability, and seamlessness to the space.”
Branch’s offerings include instant, digital payouts of tips, wages, off-cycle, and contractor payments; free earned wage access; zero-fee banking; and an accessible paycard alternative. By partnering with Branch, companies can automate processes, reduce payroll costs, support workers with free financial services, and significantly decrease logistical burdens and cash flow concerns.
To learn more about Branch and open roles, visit https://www.branchapp.com.
Branch is the leading workforce payments platform that partners with businesses to accelerate payments and empower working Americans. Businesses turn to Branch for a more cost-effective, faster way to pay workers and reduce the costs of paper checks and paycards. Employees and independent contractors that sign up with Branch can receive a zero-fee bank account, free instant access to earned wages, rewards, and personal finance tools to help them manage their cash flow between paychecks. The company partners with some of the nation’s leading payroll and workforce technologies to support businesses in retail, restaurant, trucking/logistics, last-mile delivery, manufacturing, and healthcare. Branch has been honored with a Webby Award — Best Financial Services, Fintech Breakthrough Award, Gartner Eye on Innovation: Financial Services, Star Tribune’s Top Workplaces in Minnesota, and Great Place to Work Certification. To learn more, visit https://www.branchapp.com and follow us on Twitter, Facebook, and LinkedIn.