SANTA MONICA, Oct 22 – Tala has announced a strategic investment from PayPal.
Though Tala did not disclose the value of the investment, Tala CEO and Founder Shivani Siroya said the investment will further the mission to reach more consumers and deliver the financial access, choice and control to more people.
She said PayPal’s investment will help Tala bring visibility and access to underserved populations in emerging markets across the globe.
“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 Siroya.
PayPal Senior Vice President and General Manager of Global Credit, Mark Britto, said PayPal believes 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.
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 disburses loans between $10 and $500 USD to a mobile wallet or via payment method of the customer’s choosing. More than 85 percent of Tala’s customers receive credit in less than 10 minutes.
Tala currently operates in Kenya, Tanzania, the Philippines, and Mexico, and has launched a pilot in India. The company has delivered more than $500 million USD in credit to millions of customers.
Tala has more than 300 employees across offices in Santa Monica, Nairobi, Dar Es Salaam, Manila, Mexico City, and Bangalore.