- New Funding Round Led by Addition Follows Platform Revenue Growth of Over 700%
Branch, a leading workforce payments platform, 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 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 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.
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“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.”
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“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.
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