California-based digital microlender Tala has raised $110m in a Series D funding round led by RPS Ventures.
GGV Capital and the company’s existing backers IVP, Revolution Growth, Lowercase Capital, Data Collective VC, ThomVest Ventures and PayPal Ventures also participated in the round.
Go deeper with GlobalData
The company intends to use the proceeds to expand its operations in India and other developing markets.
It also aims to strengthen its product portfolio on the Tala platform and scale its team across its offices globally.
Tala provides accessible and instant consumer credit products to people with no formal credit history. Through the Tala app, the applicants can avail loans ranging between $10 and $500.
The company leverages advanced data science to instantly underwrite consumers and disburse loan amount to a mobile wallet.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataBesides mobile wallets, customers can receive and pay back their loans at over 40,000 pickup points.
According to Tala, it has tripled its core credit businesses in the last one year by lending more than $1bn to around four million customers. Currently, it is present in Kenya, Tanzania, Philippines, Mexico, India and the US.
Over the last year, Tala has also raised an additional $100m in debt including a $50m facility led by Colchis.
In October last year, the digital microlender secured an undisclosed investment from PayPal.
