A fintech company Tala has announced that it has raised $145 million (Rs 1,088 crore) in its Series E funding round, led by Upstart and participation from the Stellar Enterprise Foundation. New investors Kindred Ventures and the J Safra Group, along with existing investors including IVP, Revolution Growth, and Lowercase Capital, also participated in the round.
Tala had previously raised $110 million (Rs 785.5 crore) in its Series D round of funding led by RPS Ventures, in August 2019 to bring the total funding to more than $350 million.
Based in the US, with additional offices in Nairobi, Manila, Dar Es Salaam, Mexico City, Mumbai, and Bangalore. founded in the year 2011, by Shivani Siroya. Tala is a mobile technology and data science company that is oriented around financial services in emerging markets. More than 2 million people have borrowed through Tala’s smartphone app, which provides instant credit scoring, lending, and other personalized financial services in emerging markets. It provides personalized loans to approved borrowers and builds digital credit history.
This investment will be used to provide those services and accelerate the rollout of their new financial account experience, which provides fresh new tools to grow, save, and manage your money. Also, work to develop one of the first mass-market crypto products for emerging markets to help make crypto solutions more affordable and equitable for those who need them most.
“Under Shivani’s leadership, Tala has begun to tackle the single hardest and the biggest problem in consumer finance: enabling access to credit in the developing world,” said Paul Gu, Co-Founder and Head of Product at Upstart. “Upstart shares Tala’s belief that technology is the key to unlock access for the underserved, and we’re excited to support them in serving the next 1 billion people entering the financial system.”
In India, Tala is competing with a bunch of digital lending startups such as Lendingkart, Ziploan, Biz2Credit, ZestMoney, and Avail Finance.