#68: Branch - From Kiva to providing consumer loans and FinTech services across Africa and other developing markets
Description
Overview: Today, we’re going to talk about Branch, the FinTech lending company and Neobank. We’ll explore the story across the following 5 areas:
African lending & consumer credit
Branch's founding early history
Product & monetization strategy
Competitive positioning & potential exit options
Overall outlook
This episode was recorded on Sep 10, 2023
Companies discussed: Branch, Kiva, Kuda Bank, Chipper Cash, Earnin, Paga, FairMoney, MFS Africa, GTBank, Access Bank, Ecobank, PalmPay, Carbon, PiggyVest, Upstart, Tala, Visa, Mastercard & Safaricom
Business concepts discussed: Smartphone credit assessment, Consumer lending, neobank strategy, Personal Finance OS, unbanked population, smartphone credit assessment & Pan-African Banking
Conversation highlights:
(01:00 ) - What Branch is and why we’re talking about it
(07:40 ) - Africa consumer credit context and background
(19:17 ) - Branch International founding
(23:31 ) - Founders’ background
(39:12 ) - Fundraising and Growth
(51:40 ) - Geographical expansion
(1:02:01 ) - Acquisitions and Team overview
(01:15:14 ) - Product strategy
(1:33:20 ) - Monetization strategy and Costs
(1:41:58 ) - Competition and options for exit
(1:57:08 ) - Bankole’s overall thoughts
(2:10:59 ) - Olumide’s overall thoughts
(2:30:20 ) - Recommendations and small wins
Olumide’s recommendations & small wins:
Interested in investing in Africa Tech with Olumide: Read about Adamantium fund & contact me at olumide@afrobility.com. Founders looking for funding: If you're a B2B founder working on Education, Health, Finance or food, please contact me for funding at olumide@afrobility.com
Checkout my FIREDOM book = FIRE (Financial Independence, Retire Early) + Freedom = personal finance and financial independence book. Website, Read: Substack Newsletter & Buy: Print, eBook or Audiobook)
Recommendation: Eminem - Rap God (OMFG I’m 12 years late, my mind exploded. WOW!)
Recommendation: Can’t Hurt Me (David Goggins). Incredible book about challenges David went to from parental abuse, racism to make something of himself. I went through waves of intense emotions while reading the book. At some points, I was crying in pain with David and other times I was in pure shock about what I was listening to.
Small win: Hosted FIREDOM book launch event in London. Amazing conversations about life, managing money and growth. Dope shit.
Bankole’s recommendations & small wins:
Recommendation: American Prometheus by Kai Bird, A/B Testing with Fat Tails & Remember Me - Fireboy DML
Small win: Chin-chin from a recent trip to Lagos
Other content: Mobile overdraft facility Fuliza outshines Silicon Valley-backed lending apps in Kenya- TechCrunch & Inside Branch’s 20 percent interest investment push to beat Nigerian bank offerings - TechCabal
Listeners: We’d love to hear from you. Email info@afrobility.com with feedback!
Founders & Operators: We'd love to hear about what you're working on, email us at info@afrobility.com
Investors: It would be great to link up with you. Contact us at info@afrobility.com
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