Branch raises $ 70M Series B from Trinity Ventures, a16z, and others to expand its mobile lending platform that offers loans between $ 2 and $ 1000 in Africa
You don’t hear of many $2 loans in the United States, where $2 won’t buy you more than a chocolate bar. But in cities like Lagos, Nigeria, and Nairobi, Kenya, $2 has the buying power of roughly $40, making such “micro” loans useful when you’re running a small business. And borrowing $2 from a startup called Branch is a way onto a platform that promises much bigger loans, based on your credit worthiness.
What is Branch and why is it bothering with such small amounts of money? For answers to those questions, we talked this week with its founder and CEO Matt Flannery, who previously cofounded and co-led Kiva, a now 14-year-old micro-lending platform that enables families to make small loans to entrepreneurs in developing countries….
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