Workforce payment platform Branch has announced it secured a UD 75 million Series C round led by Addition to expand its services.
Branch offers payments and provides inclusive financial services to W-2 and 1099 workforces for companies such as Uber Freight, Kelly, Walmart Spark, Flashtract, and Tippy. The company will use this capital infusion to further momentum in trucking, logistics, last-mile delivery, and restaurants and expand to new verticals such as construction, hospitality, and fitness.
Building new tools for independent contractors growing their businesses, Branch is rolling out expense management cards with large enterprise customers companies. Fleet operators can now provide cards to their drivers along with granular level expense controls to track spend on frequent business purchases such as fuel. It also launched the ability to issue new cash back rewards programme. Companies can add custom rewards for their employees and contractors to the program as well.
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