Branch raises $48m Series B to serve independent contractors
Workplace payments firm Branch has raised $48 million in a Series B funding round led by Addition.
Also participating in the raise were Drive Capital, Crosscut Ventures, Bonfire Ventures, Matchstick Ventures, and HR Tech Investments.
Branch provides a zero-fee bank account for companies to give to workers, as well as “instant access to earned wages” and personal finance tools.
It caters to W-2 and 1099 workforces, which represent solo workers and independent contractors respectively.
Founded in 2015, the firm claims to have experienced 300% year-on-year growth. It will use its new capital to improve its partnership programmes.
“Faster payments is a compelling and transformative benefit expected by today’s workforce,” says Branch CEO Atif Siddiqi.
“We’ve seen how it can significantly improve cash flow for both companies and workers.”