Branch, a workforce payments platform, has closed a Series C funding round totalling $75m, led by Addition.
The round also saw participation from equity investor General Atlantic along with return investors Drive Capital, Crosscut Ventures, and Indeed, among others.
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. The company said it 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.
Branch is also 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 spending. The company 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.
Atif Siddiqi, CEO of Branch, said, “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.
“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.”
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