Are you struggling to make ends meet without your usual paycheck? Relief is on the way – Branch raised a whopping $48M from Lee Fixel and Indeed to help accelerate payments to workers.
Learn why Lee Fixel invested in Branch and how they plan to help those who have gone unpaid due to the economic crisis.
Introduction
The branch is excited to announce a $48 million Series B funding round led by Lee Fixel’s Addition Fund. Indeed, the world’s leading job site and existing Branch investors, such as LaunchDarkly, Engage Ventures, Runa Capital, and Wombat Investments, also participated in the round.
The investment significantly enhances our ability to deploy faster payments to individuals across markets and products. Financial inclusion has long been an objective for Branch, which includes faster payments that overcome traditional boundaries via our partnerships with fintech, employers, marketplaces, and other institutions worldwide.
The Addition of Lee Fixel’s Addition Fund further affirms Branch’s standing in the industry— we are now backed by some of the most innovative investors in Silicon Valley who understand global fintech pathways. We look forward to bringing on board their expertise as we continue to bridge financial ecosystems and improve access to capital for individuals globally so they will be able to take advantage of opportunities that previously were not available.
What is Branch?
The branch is a financial services company that offers payment solutions for businesses operating in the gig economy. The company was founded by Raul Vazquez, and its mission is to revolutionize the way people earn and manage their money.
Branch provides accelerated payments to employers through its ‘WePay’ platform — allowing workers to access their wages instantly rather than waiting up to five days for standard pay cycles. This allows workers to better manage their funds and gives employers a competitive advantage when it comes to recruitment – since it enables them to attract and retain high-quality employees who require faster access to their earnings.
In July 2020, Branch announced an additional fundraising round of $48 million led by venture capitalist Lee Fixel’s Addition, with investing partners including Indeed Ventures and others. This investment is instrumental in helping Branch capitalize on its impressive progress over the past 12 months – allowing the startup to further scale its operations and grow its network of partners across industries such as delivery apps, businesses providing care services, construction firms, hospitality groups, and more.
Lee Fixel’s Addition Investment in Branch
Lee Fixel’s Addition has recently invested $48 million in Branch, a platform that provides accelerated payments to employers and workers. This investment solidifies Addition’s dedication to digital transformation as the firm continues to support businesses seeking to make their operations more efficient and profitable.
The Addition of Branch to Addition’s portfolio recognizes the value of their technology for enabling faster pay for both employers and employees. This partnership signals Addition’s commitment to assist growth-stage companies with their product-market fit, expansion strategy, and scaling. Moreover, this collaboration secures an outlet for employer liquidity as Branch delivers instant transfers through its ACH Transfer service.
In partnership with Indeed, Branch simplifies payroll processes by speeding up pay cycles so employers no longer have to worry about billing cycles or missed payments while employees are able to access funds more quickly. Both partners benefit from the accelerated payment process; businesses save time and cost associated with managing large payroll operations while employees gain timely access to funds they need most urgently.
Overall, Lee Fixel’s Addition’s investment in Branch represents an expansive moment in digital transformation; it establishes an opportunity for companies who are serious about leveraging human capital without compromising on costs, speed, or seamlessness of delivery – culminating in an improved bottom line for both employers and employees alike.
Branch raises $48M from Lee Fixel’s Addition, Indeed to provide accelerated payments to workers
The new $48M funding round will help Branch accelerate the rollout of its product, providing access to earned income whenever workers need it. The foundation of the Branch’s offering is its worker-centric technology platform and bank account product, both geared to allow workers to quickly receive and manage their earnings on their own terms. Through working with Lee Fixel’s Addition and Indeed, Branch has received additional resources to expand access to its product for more workers around the world.
Branch allows companies to digitally offer their employees access to accelerated pay so that people are not waiting until job wages are due in order to pay bills or purchase necessary goods that they cannot afford at the moment. This offers incredible convenience, control, budgeting flexibility, and savings that users can gain throughout various financial scenarios — such as buying a house or car quicker or avoiding high fees when users go into overdrafts at banks. It also helps ensure that employees are taken care of even if their hours could be cut or canceled entirely if there were issues with payments through employers in real-time.
How Branch Accelerates Payments to Workers
Branch, a Playtech company backed by Lee Fixel’s Addition and Indeed, has raised $48 million in order to provide accelerated payments to workers around the world. With the new funds, Branch is aiming to expand its services to global markets, create more reliable technology for businesses to pay their employees quickly and securely, and ensure that workers have access to financial services that don’t charge exorbitant fees for accessing wages.
Lee Fixel’s investment into Branch provides employers with a way to offer employees flexibility through access to immediate payments. By accelerating payments from days or weeks currently spent waiting on paycheck deposits, Branch can help make a meaningful difference in both employer branding and employee retention. As many of today’s gig workers rely on multiple W2 jobs, 24/7 availability, or seasonal work contracts, the access to faster pay without additional bank fees helps create stable cash flows that reduce financial stressors significantly. This can ultimately lead more employers into considering branches as part of payroll and finance operations — benefiting not only the worker’s pockets but also their mental health.
The branch also provides valuable data insights through post payslip account summaries that give employers actionable feedback on cost optimization and workforce equivalency when hiring new employees based on hours worked vs. salary or hourly compensation given or any type of benefits usage (such as reimbursable accounts). This data freedom allows businesses and their HR departments easier metrics tracking when determining long-term workforce strategies leading them towards smarter longer-term hiring decisions for payroll structures promoting financial stability in times of economic turbulence.
How Branch is Different from Other Payment Solutions
Branch is revolutionizing the way businesses across various industries, including healthcare, technology, and hospitality, are paying their workers. The company’s mission is to make it easy for any business to provide their employees with immediate access to earned wages anytime with no fees or overdrafts. By utilizing Branch’s platform, businesses can also gain insights into their workforce spending patterns.
What sets Branch apart from other payment solutions is its use of multiple technological initiatives that deliver an integrated approach to accelerated payments. Rather than simply offering prepaid cards like other services, Branch leverages different payment options in order to provide the best experience for each customer. These payment methods include direct bank transfers and real-time payments made via Visa Direct or Mastercard Send — allowing employees access to their funds almost immediately after participating in a transaction or completing hours worked without having the need to wait for traditional pay cycles.
In Addition, Branch provides employers with compliance and reporting capabilities that enable them to more easily track employees’ work-related activities while ensuring they adhere to various federal and state laws. The company’s platform also allows employers greater visibility into employee performance by tracking task completion rates as well as time taken off per job per employee at an individual level.
The backing of investors such as Lee Fixel’s Addition and Indeed further elevates Branch’s standing in the industry by strengthening its financial capabilities while enabling them provide accelerated payments securely and reliably directly from employer accounts into employee accounts in a matter of minutes– providing security of not just information but also of money– which is paramount when looking at mobile payment solutions now days; on top of finding ways how to keep costs down for businesses who want a streamlined solution for payroll management.
What the Future Holds for Branch
The future of Branch looks bright thanks to the recent $48 million investment from Lee Fixel’s Addition and Indeed. This funding will go a long way in helping Branch provide accelerated payments to workers, resulting in happier employees, increased employee loyalty, and improved job satisfaction. Additionally, this additional capital will be used to build out the Branch product suite and continue to experience hypergrowth.
Branch has become a major player in the gig economy by providing accessible transaction infrastructure and financial services for businesses and low-income workers. With fierce competition in this space and an ever increasing demand for on-demand financial services, Branch is well positioned to continue its meteoric growth.
Lee Fixel’s Addition backed Branch for two reasons: first, their belief that digital payments are the future; second, their appreciation of how Branch gives low-income workers access to income opportunities they wouldn’t otherwise have. By investing in Branch, Lee Fixel’s Addition can help level the playing field for underserved populations who lack access to traditional forms of banking or traditional finance tools like borrowing from a bank or getting credit cards. In Addition to helping people with lower incomes get on their feet financially, having access to quick payment provides more flexible work options that fit individual needs better than most standard employment models can provide today.
Branch is poised for great success as they use their latest infusion of capital from Lee Fixel’s Addition and Indeed to improve their technology platform while helping hardworking individuals get paid faster–making life just a little bit easier for everyone involved!
Conclusion
In conclusion, Lee Fixel’s Addition invested in Branch because it saw the potential in its accelerated payment solutions. These solutions are helping workers access funds faster, easier, and with greater transparency and trust. With the global economy increasingly relying on gig work for efficiency and cost-savings, it appears that Branch is positioning itself to become a major player in the space. This round of funding solidifies the company’s presence in the market and underscores its commitment to providing better financial solutions designed specifically for workers.
Going forward, Branch looks set to continue playing a critical role in redefining how workers get paid.
