American payments company Branch has raised over $48m in Series B funding to accelerate its efforts in offering workforce payments.
Led by Addition, the funding round saw the participation from Drive Capital, Crosscut Ventures, Bonfire Ventures, Matchstick Ventures, and HR Tech Investments, among others.
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Concurrently, the firm also received $500m in purchased assets from funds managed by Neuberger Berman.
Founded in 2015, Branch’s solution is designed to provide enterprises on-demand payments capabilities.
It also enables companies to offer their employees and contractors with tools such as digital payouts of tips, wages, and off-cycle payments, earned wage access, fee-free banking, and paycard alternative.
Branch plans to use the new capital to provide ‘faster payments and inclusive financial services to W-2 and 1099 workforces through partnerships with employers, gig platforms, staffing companies, and other businesses’.
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By GlobalDataThe company currently counts global workforce solutions provider Kelly, influencer marketing platform Tagger, Delivery Drivers (DDI) and HR and IT management platform Rippling among its customers.
Addition founder Lee Fixel said: “Branch’s workforce-led approach to financial services produces faster, more cost-effective payment experiences for both enterprises and their workers.
“We look forward to supporting Branch as it continues to scale and provide even more personalised, workplace-driven financial products.”
Branch CEO Atif Siddiqi said: “Faster payments is a compelling and transformative benefit expected by today’s workforce.
“We’ve seen how it can significantly improve cash flow for both companies and workers, so we’re excited to deliver instant payments and other engaging tools to more sectors and workforces, from other workers living paycheck to paycheck to independent contractors growing their own businesses.”
In January this year, Branch launched its Employer Payments Platform for businesses in the US.
