Proponents of advance-pay services point to the cycles of poverty and debt that lower-wage workers can get trapped in when they turn to payday lenders for financial help between paychecks. (Photo: Shutterstock)
A Minneapolis startup has joined the pay-advance app field, at a time when workers who live paycheck to paycheck are finding such apps very appealing and much easier to work with than old-school payday lenders.
Branch was founded in Los Angeles n 2015 but moved to Minneapolis a year later to work with Target and other companies in the Twin Cities area. The company received $10 million in venture funding in 2017, and has grown from three employees to 50.
In a Minneapolis Star Tribune article, company founder and CEO Atif Siddiqi lauded the Twin Cities for the support that startup companies can find there. He also noted the incubator and accelerator programs available to startups and other small companies in the area, along with the availability of skilled workers.
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