Mobile lender Branch International has reportedly raised $2m in debt financing from Nabo Capital and fund managers.
The funding will be used to support the loans to SMEs in Kenya and other countries in East Africa, according to an article by Tech Moran.
Nairobi-based Branch offers users the ability to get a loan by only using data on their phone to create a credit score. A user can fill out a form for a loan within 30 seconds, with the money transferred to the account within minutes.
It machine learning algorithms creates a credit profile based on handset details, SMS logs, social network data, GPS data, call logs and contact lists to help create personalised loans. The product is currently available in Kenya, Tanzania and Nigeria.
This debt facility follows the company $9.2m Series A it picked up last year.
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