US payroll platform Branch closes $75m Series C round
US employee payments platform Branch has closed a $75 million Series C funding round.
Branch CEO Atif Siddiqi
The round was led by Addition and saw participation from General Atlantic and existing investors Drive Capital, Crosscut Ventures and Indeed, among others.
The company says it will use the cash to build out its offering for the trucking, logistics, last-mile delivery and restaurant sectors and expand into new verticals such as construction, hospitality and fitness. The company also has plans to double its workforce.
Branch claims its workforce payments platform revenue grew by more than 700% over the last year.
Using its services, the fintech says companies can automate payroll processes and reduce payroll costs with instant digital payouts of wages and other employee payments. It also offers free earned wage access and zero-fee banking.
“Faster payments have played a pivotal role in our mission of helping working Americans grow financially,” says Branch CEO Atif Siddiqi.
Some of Branch’s new offerings include expense management cards for large enterprise customers, instant issue business debit cards and a cashback rewards program.
