Tala, a consumer lending app serving underserved consumers in emerging markets, has secured an undisclosed investment from PayPal.
The latest round of financing follows a Series C fundraising that was led by Revolution Growth. Apart from Revolution, Tala is also backed by IVP, and Lowercase Capital.
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Tala founder and CEO Shivani Siroya said: “Tala is driven by the belief that all people deserve to be seen, understood and trusted by the global financial system, and our goal is to leverage data and technology to help them prove their potential.
“We are excited to add PayPal as an investor to further our mission to reach more underserved consumers and deliver the financial access, choice and control they deserve.”
Tala employs over 300 staff across offices in Santa Monica, Nairobi, Dar Es Salaam, Manila, Mexico City, and Bangalore.
The firm assesses device and behavioural data to instantly underwrite consumers and disburse loans between $10 and $500 to a mobile wallet or through other payments methods.
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By GlobalDataPayPal senior vice president and general manager of global credit Mark Britto said: “Tala shares our vision of reimagining financial services, especially for the unbanked and those underserved by the traditional financial system.
“Tala empowers these people through innovative mobile solutions to improve their overall financial health and we are proud to help them achieve this goal.”
