Personal Finance App 'Branch' garners 2 mn downloads in India

Bengaluru: International personal finance app 'Branch' has achieved the feat of securing 2 million downloads in India with majority of its consumers being of 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.

Delighted with Branch's latest achievement, Mathew Flannery, CEO and Co-founder, Branch, said, "India is a very crucial market for us and the overwhelming response to the Branch app is a boost for our teams in Bengaluru and Mumbai who are working relentlessly to ensure that customers have a seamless loan process. 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."

When asked about how the Branch app has been able to make inroads into the hearts of Indian youths, Matthew said, "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 a service."

Launched in India in February 2019 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.