Branch, a Minneapolis-based tech firm aimed at helping employers speed up paydays for workers, said Wednesday it's raised $75 million to grow and expand its platform.
The Series C round of funding was led by New York City-based Addition. General Atlantic, Drive Capital, Crosscut Ventures and Indeed also participated.
The company will use the funding to continue its growth in the trucking, logistics, last-mile delivery and restaurant sectors, while expanding to new areas such as construction, hospitality and fitness.
CEO Atif Siddiqi said the company is growing 700% year-over-year, a dramatic jump from the 300% growth it reported when it raised a $48 million Series B round in August 2021.
To power this growth, the company plans to double its number of employees, which currently is over 120. Fifty percent of the company's employees are based in the Twin Cities, while the other half are spread around the country, Siddiqi said.
The company's momentum has brought it into the market of speeding up payments to independent contractors. "Sometimes the delay in payments for these workers are far greater than just a bi-weekly, like a W-2 employee," he said. "For these workers, it's often like working capital they need to help grow their business."
From a product perspective, the company is adding more tools to help workers manage their cash flow, Siddiqi added. The effort includes a fleet-expense management card that allows businesses to control expenses such as fuel.
To date, Branch has raised $633 million. $500 million of that came through a $500 million credit facility during its Series B.
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.
