Popular digital lender Branch has announced its third and largest commercial paper issuance worth KES 500 million. The financial services firm’s latest commercial paper is preceded by a KES 350 million issuance that was announced in 2018, and KES 200 million in 2017, adding up to a little over KES 1 billion in under two years. The three commercial papers have been arranged by Barium Capital.
The investment will be used to expand the firm’s services in Kenya. No additional details were given during the announcement.
Branch has managed to make a name for itself, having launched its trade in the country sometime in 2015. The firm’s growth has further been accelerated by key strides made in the country such as admirable internet penetration that has allowed users to get access to financial services using their smart handhelds.
The firm, which competes with the likes of Tala and lately, Okash, offers its services in Nigeria, Tanzania, and Mexico. During the announcement of its second commercial paper, Branch revealed its plans to launch its services in India. The launch should go in effect in 2019.
Branch says that it has now issued its 10 millionth loan in Kenya. In a normal day, the firm issues tens of thousands of loans and has since disbursed more than KES 25 billion.
“It’s very exciting to be serving millions of Kenyans and providing them with access to essential financial services,” commented Daniel Szlapak, Head of Global Operations for Branch. “The huge growth and success in the Kenya market has positioned the company for strong global expansion,” he added.
Lastly, Branch has, in the past, raised more than KES 7.1 billion from International Finance Corporation and Andreessen Horowitz. Silicon Valley-based Andreessen Horowitz is a serial investor as it has raised funds for the likes of Airbnb, Instagram, and Facebook before.
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