ADVERTISEMENT

Mobile lending app Branch raises Sh350 million for expansion drive in Kenya

The firm has since disbursed loans to more than 1 million Kenyans

ADVERTISEMENT

The new capital investment is a deal based on a commercial paper issuance that was arranged by Centum-owned capital-raising advisory firm, Barium Capital​.

“We have been impressed by what they’ve been able to achieve so far, and we are very happy to have secured a seat on the Branch express train for our investors,” said Teresia Muthoni, chief executive of Barium Capital.

The Silicon Valley start-up made a similar move last year when it raised Sh200 million for the Kenyan market expansion.

Short-term loans

The firm has since disbursed loans to more than 1 million Kenyans and hopes to disburse Sh 2.5 billion across its markets by the end of the year.

Besides Branch, there are nearly a dozen other major players in the market which issue short-term loans via mobile money.

Data from the Communications Authority indicates that 6 out of 10 Kenyans have a mobile banking account, which makes Kenya one of Branch’s key markets.

The company said it plans to expand into savings and payment products in the future for its more than a million users.

ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

Linet Toto excited as she unveils sleek ride after 1 month in office [Photos]

Linet Toto excited as she unveils sleek ride after 1 month in office [Photos]

Africa’s richest man Aliko Dangote poised to overtake another Russian billionaire Vladimir Lisin on Bloomberg billionaires list

Africa’s richest man Aliko Dangote poised to overtake another Russian billionaire Vladimir Lisin on Bloomberg billionaires list

Diwali 2022: Is Monday a public holiday in Kenya?

Diwali 2022: Is Monday a public holiday in Kenya?

Top 10 African countries with the highest economic prospects for 2023

Top 10 African countries with the highest economic prospects for 2023

Mzee Kibor's will made public, revealing how vast wealth and millions will be distributed

Mzee Kibor's will made public, revealing how vast wealth and millions will be distributed

Ini Edo posts new photos amid reports of welcoming a baby through surrogacy

Ini Edo posts new photos amid reports of welcoming a baby through surrogacy

Mathias Pogba brands Paul Pogba 'a so-called Muslim steeped in witchcraft' amid fetish claims about Kylian Mbappe

Mathias Pogba brands Paul Pogba 'a so-called Muslim steeped in witchcraft' amid fetish claims about Kylian Mbappe

Referee behind chaos at AFCON was rushed to hospital after match

Referee behind chaos at AFCON was rushed to hospital after match

Ne-Yo speaks out after wife Crystal announced end of their 8-year marriage

Ne-Yo speaks out after wife Crystal announced end of their 8-year marriage

ADVERTISEMENT