Tala, a leading consumer lending app in emerging markets has announced a strategic investment from PayPal, a global online payment company. The two companies share a commitment to building financial health, enabling all people to gain access to the digital economy.
While the funding amount remains undisclosed, Tala will use this new investment from Paypal to expand and bring visibility and access to underserved populations in emerging markets across the globe.
More than two-thirds of the world’s adult population has no formal credit bureau record, making it difficult for traditional financial services to understand and reach these consumers.
Tala’s app, which can be accessed by anyone with an Android smartphone analyzes the device and
“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,” said Shivani Siroya, founder and CEO, Tala.
“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.”
Mark Britto, senior vice president,
“At PayPal, we believe that everyone should have access to transparent, convenient and secure financial services, 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.”
The new investment builds on Tala’s Series C financing, announced in April and led by Revolution Growth.
To date, Tala has delivered more than US$500 million USD in credit to millions of customers and it has more than 300 employees across offices in Santa Monica, Nairobi, Dar Es Salaam, Manila, Mexico City, and Bangalore.