Workforce Payments Platform Branch Closes $75M Funding Round

Branch, the Minneapolis-based workforce payments platform, has closed on a $75 million Series C funding round, the company announced Wednesday (March 9).

The company said the money would be used to double its staff with remote positions across the United States; further its growth in the trucking, logistics, last-mile delivery and restaurant sectors; expand industries to include construction, hospitality and fitness; and provide additional cash flow benefits and tools to customers.

Financing was led by Addition, a New York-based venture capital firm that invests in early and growth-stage tech companies. Other investors included global growth equity firm General Atlantic and previous angels Drive Capital, Crosscut Ventures and Indeed, among others.

“Faster payments have played a pivotal role in our mission of helping working Americans grow financially, delivering tremendous value to so many people and industries,” said Branch CEO Atif Siddiqi in a statement.

Branch said it provides speedy payments and financial services to W-2 and 1099 workforces for companies including Uber Freight, Kelly, Walmart Spark, Flashtract and Tippy.

The company reported its revenues grew by more than 700% over the last year.

In addition, Branch said it will also launch expense management cards for large trucking and logistics companies. Fleet operators can provide these cards to drivers along with expense controls to track spend on frequent business purchases such as fuel.

In January, Branch partnered with Jimmy John’s to help provide faster payments.

Read more: Workforce Platform Branch Teams with 500 Jimmy John’s Location on Cashless Tips, Other Services

The company said the collaboration will allow tips and mileage reimbursements to employees to be streamlined.

By partnering with Jimmy John’s network, Branch said owners and managers don’t have to make lots of trips to get more cash or delay tip payments because there’s no cash available.