Branch, a Minneapolis-based tech firm aimed at helping employers speed up paydays for workers, said Wednesday it's raised $48 million from investors and lined up a $500 million credit facility to fund its own growth.
TechCrunch has a report on the latest round of funding, which comes from New York City-based investment firm Addition, as well as investors such as Matchstick Ventures, Drive Capital, Crosscut Ventures, Bonfire Ventures and HR Tech Investments.
The Series B round seems to include funding previously reported by Business Journal's sibling publication Minne Inno, in April, and brings the total amount of capital raised by Branch to nearly $60 million.
RELATED: Read the full announcement from Branch
The company also secured a $500 million credit facility from funds managed by Neuberger Berman.
The deals will help Branch further develop its software and step up its own hiring; CEO Atif Siddiqi told the Star Tribune the company plans to double its workforce to 200 people in the next year; half the hires will be in Minnesota.
Branch, formerly known as Branch Messenger, got its start in 2015 as a way to help employers track hourly worker schedules. Siddiqi moved the company from California to Minnesota in 2016 after participating in the Techstars+Target accelerator program.
