Tala raises $145M in Series E round
Tala, a global financial services technology company, announced that it had raised $145 million in a Series E round led by AI lending platform Upstart.
Stellar Development Foundation, Kindred Ventures, and the J Safra Group, along with existing investors including IVP, Revolution Growth, Lowercase Capital, and PayPal Ventures also participated in the round.
Founded in 2013 by Shivani Siroya, the US-headquartered company has six million users across Kenya, the Philippines, Mexico, and India.
The company grants loans in the range of Rs 1,000 to Rs,10,000 to its half a million users in India since it entered the country in 2020.
Tala plans to use the freshly raised funds to boost the launch of its new financial account experience, which offers customers new tools to borrow, save and manage their money from its consumer finance app.
Tala will also extend its team across Kenya, India, the Philippines, Mexico, and the US and pull forward plans for both geographic and product expansion, including crypto offerings.
As a part of the latest funding round, Paul Gu, co-founder of Upstart and Denelle Dixon, CEO and Executive Director of the Stellar Development Foundation, have joined Tala’s board of directors.
“Tala has spent the past seven years delivering critical and valued services in markets where the financial system is fundamentally broken for millions of people,” said Siroya.
“This new investment will accelerate our path to becoming the primary financial account for the global underbanked and helping millions more people make progress in their financial lives. Paul Gu and Denelle Dixon are visionary leaders who share our commitment to building a financial system that works for everyone and we are thrilled to welcome them to the team,” the Tala CEO added.
Paul Gu, Co-Founder and Head of Product at Upstart said, “Upstart shares Tala’s belief that technology is the key to unlock access for the underserved, and we’re excited to support them in serving the next 1 billion people entering the financial system.”
Denelle Dixon, CEO and Executive Director of the Stellar Enterprise Fund added, “Joining forces with Tala to improve access to financial services for millions of people in emerging markets is aligned with our mission at Stellar Development Foundation. Since the Stellar network leverages interoperability with the world’s existing financial systems, Stellar and Tala technology together are a powerful tool to bridge gaps for those who have been left out.”
Tala seems to have established a strong presence in the market with its innovative solutions. I’m sure the company will continue to prosper in its journey ahead. My best wishes to the team of Tala.Shishir Gupta, Founder and CEO, StartupLanes
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