The San Francisco-based financial services platform will use the proceeds to expand services, including small-scale lending, in Sub-Saharan Africa.
The round was led by Andreesen Horowitz, with previous investors Khosla Impact Fund and Formation 8 participating.
Branch.co employs a team of six data scientists and engineers in San Francisco, with a larger team of 30 employees in Nairobi, Kenya. Its app is gaining popularity with people who are sole proprietors and entrepreneurs, especially farmers, drivers and merchants, Mr. Flannery said, who can borrow as little as $2 up to a few hundred dollars to repay within a few days or a few weeks. Previously, Flannery co-founded and was Chief Executive Officer of the non-profit lending platform Kiva.org.