Mobile loan app Branch, trading as Branch International is set to offer savings services following the Series B investment round of70 million dollars (Sh7.06 billion).
The funds will enable the mobile loan app expand its services beyond credit access to savings and payment.
Currently, Branch operates in Kenya, Nigeria and San Francisco and uses M-Pesa and Facebook established data to provide financial services to over one million borrowers.
The mobile money app disburses loans instantly from as low as Sh250 to a maximum of Sh50,000. The company is growing 20 per cent every month and expects to issue over Sh25 billion in 2018.
Branch will also use the proceeds to expand into new markets African and launch the mobile platform in India.