The -based tup Branch International, which makes sm personal in emerging , has rsed $170 million and announced a partnership with Visa to offer virtual, pre-pd debit to client in , South- and

— which has 150 in , , Nrobi, Meico and b — makes ting at $2 to individuals in emerging and frontier . The also uses an aorithmic to determine cit worthiness, build cit profiles and offer liquidity via .

“We’ll use [the ] to deepen eisting in . Later this ye we’ll announce high-yield savings accounts…in ,” says co- and Matt Flannery.

The $170 million round from Foundation Capital and its debit d , , support ’s international epansion, which could and , according to Flannery. launched in Meico and within the last ye. In , it offers its services in Kenya, and .


A potential customer

The -Visa ship ow individuals to obtn virtual accounts with which to create accounts on ’s . This gives lger reach in such as ’s most populous country with 190 million — w have o more prominently than in connecting and undered populations to .

Founded in 2015, ted operating in , w payment s such as Safaricom’s M-Pesa (which does not require a d or to use) have scaled significantly. has 25 million users, according to stats released by the Communications Authority of Kenya. has more than 3 million customers and has processed 13 million and disbursed more than $350 million, according to stats.

has one of the most downloaded fin in , per Google Play numbers combined for and , according to Flannery.

Already , Branch International epects to reach $100 million in revenues this ye, with roughly 70 percent of that generated in , according to Flannery.

In addition to and , the $170 C round d pticipation from ’s eisting investors , Trinity Ventures, , the IFC, CitEase and Victory Pk, while adding investors Greenspring, Fohaven and .

last raised $70 million in 2018. The ’s over VC haul and $100 million revenue peg register as pretty big numbers for a tup focused primily on . Pan- tup , which also announced its NYSE IPO last month, generated $140 million in revenue (without profitability) in 2018.

fintech-related productstups building nologies for ’s 1.2 billion population have gned the attention of investors. As a , fin (or inclusion) attred 50 percent of the estimated $1.1 billion funding to tups in 2018, according to Partech.

’s recent round and plans to add internationy also tracks a trend of fin-related s growing in , then epanding outwd. This s , which generated big numbers in before operating in 10 countries ound the . n payments startup Paga announced its pending epansion in and Meico late last ye. And payment services such as Kenya’s SimbaPay have also connected to global like ’s WeChat.

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