International personal finance app ‘Branch’ has achieved the feat of securing 2 million downloads in India with the 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 29 states of India and has disbursed more than Rs 1.21 billion as loans in the Indian market.
The app has been rated 4.3 stars (out of 5) on the Google Play Store with some amazing reviews. The app’s surging popularity is such that a large number of graduates and young salaried employees in India are choosing the Branch app as the preferred destination to secure loans. It is faster and completely hassle-free compared to banks and other finance apps.
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 on special occasions. Conventional banks don’t provide this convenient 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. A careful analysis by Branch personal finance app has revealed that youth prefer digital loans provided by the platform as it can be accessed quickly and require minimum documentation. Another major reason behind the popularity of the Branch personal finance is that the platform considers an extension of loan repayment date on a case-to-case basis, when the customer requests for it.
The Branch app offers lending services like Nano loans, Salary Loans, and Credit Score. It will also provide broader financial services like a digital wallet, bill payments, investments, and savings in the coming quarters. Besides India, Branch is also active in Kenya, Tanzania and Nigeria.
