Branch

Branch primarily offers a business payout and digital wallet platform for businesses to make payouts to contractors and employees (such as wages, tips, reimbursements, and bonuses). Contractors and employees can access their payments (including earned wage access) immediately after their respective jobs are completed, and can avoid paying ACH and other payment fees, by adopting the Branch digital wallet. The payout solutions also include automated tax filing and compliance, for the enterprise users.

Branch also offers a payment card called “Branch Card” for its digital wallet. However, unlike business expense cards, which are typically prepaid cards, the Branch card functions as a debit card linked to the wallet. The company claims that roughly 25% of Branch payment end users adopt Branch’s digital wallet as their primary account.

Key customers and partnerships

Branch offers its services to several industries, including healthcare, logistics, restaurants, and retail businesses. Its customers include major logistics providers such as Uber Freight and Walmart’s Spark Delivery.

Funding and financials

The company noted that its platform grew 700% YoY in 2021. Branch raised USD 75 million in Series C funding in March 2022, led by Addition, just six months after raising USD 48 million in Series B funding. The company has earmarked the funds for recruitment and expanding its operations to several new industries such as construction, hospitality, and fitness, while deepening its presence in existing industries.