A San Francisco–based fintech company, Branch International has cut jobs across its Kenya and Nigeria operations, even as it reports profitability in both markets.
The company described the layoffs as part of “the difficult decision to reduce headcount across some of our markets,” but did not disclose the number of employees affected.
The layoffs come despite Branch saying its Kenya and Nigeria businesses remained profitable in the last financial year, with the group posting about $30 million in global profit for 2025. The company stressed that the decision was not driven by financial pressure.
“This was not a decision driven by financial distress,” Branch said, adding that it held strong cash reserves and had no debt in its African operations.
Employees were informed during a global all-hands meeting on April 17, after which termination notices were issued immediately. “Your last day of employment will be today, April 17, 2026,” part of the internal communication read.
Some employees said access to company systems and email accounts was cut shortly after the announcement, with several describing the layoffs as unexpected.
“We were aware of the company-wide meeting, but nobody expected people would be laid off,” one former employee said.
Another source said there had been internal conversations about possible fundraising in recent months, though no indication was given that job cuts were imminent.
Branch rejected any link between the layoffs and fundraising plans. “We are not actively fundraising equity as we are profitable in every market,” the company said.
The fintech did not disclose how many roles were affected or which departments were impacted.
Employees in Kenya also noted that remote work in recent weeks made it harder to immediately assess the scale of the cuts.
On professional networks like LinkedIn, affected staff have largely remained quiet, a contrast to typical tech layoff waves where employees publicly signal job transitions.
Branch said impacted employees will receive at least four months of pay, including salary, notice pay, and compensation for unused leave. Health insurance coverage will also continue through the end of 2026.
“Employees impacted by this decision were provided with extremely generous severance packages, and we are grateful for their contributions,” the company said.
Founded in 2015, Branch has raised about $274.3 million across 11 funding rounds, according to Crunchbase. Its largest funding round was a $170 million raise in 2019 led by investors including Foundation Capital and Visa. Its last known capital raise was an undisclosed debt round in 2022.
Branch operates one of Africa’s largest app-based lending platforms, serving more than 13 million users across Kenya, Nigeria, Tanzania, and India, and issuing over 54 million loans worth more than $1.8 billion, according to company data.
In 2022, it expanded its footprint in Kenya by acquiring a majority stake in Century Microfinance Bank, marking a move into deposit-taking microfinance services.