Tala, a mobile money lender with a large presence in East Africa has secured US$110 million in Series D financing.
The Series D financing was led by RPS Ventures, with GGV Capital and previous investors IVP, Revolution Growth, Lowercase Capital, Data Collective VC, ThomVest Ventures, and PayPal also participating in the round.
Tala will use the new funding to expand to India growing FinTech space, and expand its footprint and team in its existing markets including East Africa, Mexico, and the Philippines.
The startup uses customer’s data on texts and calls, merchant transactions, overall app usage, and other behavioural data to offer instant loans via mobile payment platform in batches ranging from US$10 to US$500.
According to Tala’s Founder, Shivani Siroya, more than 90 per cent of Tala customers pay back their loan in 20 to 30 days and are recurring customers. To date, the startup has served more than 4 million customers across its market in Africa, Latin America and Asia.
The new round which was raised at more than US$750 million in valuation will take the startup’s total fundraising to US$215 million inclusive of US$100 million in debt and a US$50 million facility led by Colchis in last one year.