US-based financial technology company Tala is set to expand its consumer lending application in India.

The company announced its expansion plan with a new $50m Series C investment led by Revolution Growth.

This latest round brings Tala’s total financing to more than $105m.

Tala’s founder and CEO Shivani Siroya said: “We are excited to bring our globally proven, customer-driven product to India, where there is high demand for consumer credit and a significant underserved population.

“Tala’s speed, fully automated borrowing experience, and empathetic customer service will be an advantage in a fast-growing sector.”

The company noted that it is the appropriate time to launch its services in India where the digital lending space is in nascent stage but offer huge potentiality.

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In the last one year, the company has expanded its services to various countries including Tanzania, the Philippines and Mexico.

To date, Tala has delivered more than six million loans to nearly 1.3 million customers originating around $300m.

Siroya added: ““With more than 3 billion underserved consumers globally, Tala’s ultimate aim is to leverage mobile technology and data science to put more people in control of their financial lives and build a better, more equitable financial system.”

Tala offers loans between $10 and $500 to its customers at their mobile wallets or through payment rails of the customer’s choosing.

In India, the company is currently building a local team and carrying out a pilot project of product testing involving with a small group of customers.

The full launch of the app is expected later this year.