Branch today announced it has raised over $540 million to fuel its momentum in delivering flexible workforce payments. Addition led the closing of a $48 million Series B funding round with participation from Drive Capital, Crosscut Ventures, Bonfire Ventures, Matchstick Ventures, and HR Tech Investments LLC, a subsidiary of Recruit Holdings Co., Ltd., among other investors. The company has also secured $500 million in purchased assets from funds managed by Neuberger Berman.

Branch helps businesses accelerate payments to empower working Americans. Businesses turn to Branch for a more cost-effective, faster way to pay employees and independent contractors and reduce the costs of paper checks and paycards. Workers that sign up with Branch can receive a zero-fee bank account, free instant access to earned wages, and personal finance tools to help them manage their cash flow between paychecks. Branch partners with some of the nation's leading payroll and workforce technologies to support companies in retail, restaurant, logistics, manufacturing, and healthcare.