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San Francisco based mobile lender for emerging markets Branch has raised $2m in debt financing from Nabo Capital. Branch eliminates the challenges of getting a loan by using the data on your phone to create a credit score.
The terms of the deal were not revealed the signifies a shift from normal sources of capital to fintech startups in Africa, and Kenya especially. In December 2015, Branch became the first African-based startup to raise investment from Silicon Valley VC firm Andreessen Horowitz, whose portfolio includes Facebook and AirBnB, closing a $9.2m Series A round. The mobile-based financial services company has raised over $15m in equity and debt funding to date. These investment is expected to help it grow its loans portfolio locally as well as take on its competition Tala (formerly Mkopo Rahisi), among others.
https://techmoran.com/mobile-lender-branch-raises-2m-to-bolster-its-micro-loans-in-east-africa/
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