Tampa Payments Firm Branch Appoints New CFO
Workforce payments platform Branch, based in Tampa, has appointed Matt Peterson as its new Chief Financial Officer. The company stated that Peterson brings expertise in usage-based technology and product-focused financial leadership. The appointment is intended to support the company's next stage of growth.
- Branch has raised $133 million in equity funding, with its Series C round in March 2022 bringing in $75 million led by Addition, with participation from General Atlantic and Drive Capital. - The global earned wage access (EWA) software market, a core area for Branch, was valued at approximately $24.35 billion in 2024 and is projected to grow at a compound annual growth rate of over 22% through 2034. - New CFO Matt Peterson previously guided the 2019 IPO of tech company Fastly and held senior finance roles at Attentive Mobile, bringing direct experience in scaling high-growth, venture-backed companies. - Prior to his most recent role as CFO of rewards platform Snappy, Peterson was VP of Finance at Payzer, a SaaS company with embedded payment solutions, where he helped lead its sale to WEX in 2023. - Branch's platform provides workforce payment solutions for major companies, including Uber Freight, Kelly, and Walmart Spark, offering services like contractor payments, digital tips, and expense management cards for enterprise clients. - The company's growth strategy includes expanding from logistics and restaurant verticals into new sectors such as construction, hospitality, and fitness. - Key competitors in the workforce payments and financial wellness space include companies like Payactiv, DailyPay, and Earnin, which also focus on providing employees with early access to their earned wages.
