FinTech news in Branch category

Umba, a US-based digital bank with a focus on emerging markets, has acquired a majority shareholding of Daraja, a Kenyan deposit-taking microfinance bank, for an undisclosed amount.

Branch, according to co-founder and CEO Steve Lekas, is the only insurance company that he is aware of that can bind insurance through an API, and the only one that can bundle auto and home insurance in a single transaction.

The new regulations published Monday by the country financial regulator, the Central Bank of Kenya (CBK), also require digital lenders to get a license from the country’s monetary authority or wind down their operations by September 2022.

Branch, which aims to power faster payments to contract workers with its technology, has raised $75 million in a Series C funding round that has closed just six months after it announced its last financing round.