Tala, a leading financial technology company that provides lending lrtrading services to underserved consumers in emerging markets, has raised $145 million in a Series E funding round. The round was led by RPS Ventures, with participation from GGV Capital, IVP, Revolution Growth, and Lowercase Capital.
Tala, which is based in Santa Monica, California, uses artificial intelligence and machine learning to assess the creditworthiness of borrowers who do not have traditional credit histories. The company provides loans of up to $500 to people in countries like Kenya, Mexico, and the Philippines, where access to credit is limited.
Since its launch in 2014, Tala has provided loans to more ifsptv than 6 million borrowers, helping them to start businesses, pay for healthcare, and meet other urgent needs. The company has disbursed over $2 billion in loans, with a repayment rate of over 90%.
According to Shivani Siroya, Tala’s founder and CEO, the latest funding round will enable the company to expand its reach and develop new products and services. “We’re excited to continue building financial solutions that empower people around the world to achieve their goals,” she said in a statement.
Tala plans to use the new funds to expand its operations giveme5 in existing markets and enter new ones, with a focus on Latin America and Southeast Asia. The company also plans to invest in technology and talent, with a particular emphasis on data science and engineering.
The Series E funding round brings Tala’s total funding to date to $219 million. The company last raised $110 million in a Series D round in 2019, which was led by RPS Ventures and included participation from PayPal Ventures, IVP, and others.
Tala’s success in providing loans to underserved consumers has earned it a reputation as a leader in the fintech space. The company was named one of the world’s most innovative companies by Fast Company in 2019, and Siroya was included in Time’s list of the 100 most influential people in the world in 2020.
The latest funding round comes at a time of rapid growth 123chill for the fintech industry, as more and more people turn to digital solutions for their financial needs. According to a report by Allied Market Research, the global fintech market is expected to reach $305 billion by 2025, with a compound annual growth rate of 22.7% from 2018 to 2025.
Tala’s success in raising funds and expanding its operations is a manytoons testament to the growing demand for innovative fintech solutions that address the needs of underserved consumers. With its AI-powered lending platform and commitment to financial inclusion, Tala is well-positioned to continue its growth and help millions more people around the world achieve their financial goals.
