Personal Finance App ‘Branch’ Garners 20M Downloads
Working in India as a licensed NBFC, the Branch personal finance app has fast become the go-to platform for Indians to secure instant loans for personal expenses like shopping, travel, gifting, among others.
India, December 2020: International personal finance app ‘Branch’ has achieved the feat of securing 20 million downloads with majority of its consumers being less than 30 years of age. The one-of-its-kind app that provides instant loans has customers in all the 29 states of India and has disbursed more than Rs 1.21 billion as loans in the Indian market.
Working in India as a licensed NBFC, the Branch personal finance app has fast become the go-to platform for Indians to secure instant loans for personal expenses like shopping, travel, gifting, among others. It is faster and completely hassle-free compared to banks and other finance apps.
Mathew Flannery, CEO and Co-founder, Branch, commented “Most of our users are young professionals/ graduates who have limited savings. We understand their life choices and provide them tailored solutions. For instance, we provide nano loans ranging from Rs 500 to Rs 50,000 with low interest rates and disburse them within 2 hours. Many of our customers go for such loans to cover their immediate expenses like going on a trip, buying a new phone, or even buying a gift for parents during special occasions. Conventional banks don’t provide this convenient service.”
Sharing the easy loan-securing process offered by Branch, Matthew added, “The underwriting process of Branch is based on machine learning algorithms and smartphone data and thus, we ask only for a basic KYC and provide instant customized loans without any collateral. Branch is also the only platform providing free-of-cost credit score and report to ensure every Indian can plan finances better.”
The Branch personal finance app aims to bring a revolution in the banking system as today’s youth prefer digital loans that can be accessed quickly and require minimum documentation. Thus, Branch personal finance app not only provides quick loans but also considers extension of loan repayment date on a case-to-case basis, when the customer requests for it.
With over 4 million borrowers the app has raised more than US$ 100 million from an array of esteemed investors, including Visa, International Finance Corporation (a World Bank undertaking), and Andreessen Horowitz.