">
TechMoran
  • About Us
  • Deals
  • Jobs
  • Motoring
    • Money
  • Pitch Your Startup
  • Submit Your Post
  • Freelance Gigs
  • Travel
  • Men’s Corner
  • Dating
Sunday, January 24, 2021
  • Startups
  • Reviews
  • Insider
    • Obituaries
  • Business
  • Women
  • Blockchain
  • Columnists
  • Hacks & Facts
    • How To
  • Editions
    • US Edition
    • India Edition
    • MENA Edition
    • Asia Edition
    • Europe Edition
    • International Edition
No Result
View All Result
TechMoran
">
Home Startups

Tala Raises Over $30 Million to Expand into New Markets

Milcah Lukhanyu by Milcah Lukhanyu
4 years ago
in Startups, Tech, Women
7 min read
0

Tala, the Los Angeles-based mobile technology and data science firm using credit scoring to provide financial services to people in East Africa and the Philippines has raised more than $30 million in Series B financing to accelerate product development, expand into new markets, and build its internal team.

The round was led by IVP and joined by Ribbit Capital with participation from existing investors Lowercase Capital, Data Collective, Collaborative Fund and Female Founders Fund (F3).

As part of the financing, Jules Maltz from IVP has joined Tala’s Board of Directors.

“By using smartphone data to build financial identity, Tala is pioneering a new model that can reach more than two billion people globally who have been underserved by traditional finance companies,” said Jules Maltz, General Partner, IVP. “We are thrilled to partner with Shivani and the Tala management team to help accelerate Tala’s next phase of growth and unlock capital and opportunity for millions of people across the world.”

Formerly Mkopo Rahisi (Inventure) Tala currently operates in East Africa and Southeast Asia with its main top markets being Nairobi, Kenya and Manila in the Philippines, where it allows users to access finances for personal and business use. It’s major competitor is Branch, another US-based firm operating in Africa and Safaricom’s Mshwari.

In September 2015, Inventure raised $10M series A round to launch into additional markets in Sub-Saharan Africa and Asia. The series A round was led by Data Collective with participation from Chris Sacca’s Lowercase Capital; Facebook co-founder and independent investor Chris Hughes; Palantir and Paypal co-founder Nathan Gettings and former Citigroup CEO Vikram Pandit among others.

READ  JUMIA Kenya Unveils Online Marketplace for Entrepreneurs & Suppliers

Today, Tala’s Android app aggregates more than 10,000 different data points on a customer’s device, including financial transactions, savings, network diversity, and geographic patterns, and builds a customized credit score, or financial identity. Once a customer has been scored through the app, he or she can quickly apply for credit and receive an instant decision. The size and terms of the credit product are customized based on a customer’s risk and capacity. Credit is disbursed directly to customers’ mobile money accounts in less than 5 minutes, and customers repay their loans directly from the app.

Related posts

Finnfund & Norfund double Starsight’s funding to $20 million for Ghana expansion

January 23, 2021
0

African tech startup funding passes $700m in 2020 despite COVID-19

January 23, 2021
0
Toshiba

Chrome Now Helps You Change Weak Passwords

January 23, 2021
0

Top 5 Skills That Modern Software Developers Need to Have

January 22, 2021
0

 “From day one, Tala’s mission has been to change global financial systems so that people have more access, choice, and control,” said Shivani Siroya, Founder and CEO of Tala. “With this new round and team of phenomenal investors and advisors, we are positioned to connect millions of underserved people to financial services that can advance their lives.”

Tala has delivered more than one million loans totaling over $50 million, and more than one million individuals have accessed the product in East Africa alone. More than 95 percent of Tala’s borrowers return to Tala for additional loans, and repayment rates are above 90 percent.

“No company in our portfolio makes me prouder to be involved and has more potential for upside than Tala,” said Chris Sacca, Founder & Chairman of Lowercase Capital.

Readers 2,392

Share

  • Click to share on Telegram (Opens in new window)
  • More
  • Click to share on Tumblr (Opens in new window)
  • Click to print (Opens in new window)
  • Click to share on LinkedIn (Opens in new window)
  • Click to share on Pinterest (Opens in new window)
  • Click to share on Reddit (Opens in new window)
  • Click to share on Pocket (Opens in new window)

Like this:

Like Loading...

Related

Tags: BranchSTARTUPstartupsTalaWomen
Milcah Lukhanyu

Milcah Lukhanyu

Milcah Lukhanyu covers daily news briefs at TechMoran. She is the person who will probably read your press release and get the story out of it or totally trash it. Send tips to [email protected]

Related Posts

Startups

Finnfund & Norfund double Starsight’s funding to $20 million for Ghana expansion

January 23, 2021
0
Startups

African tech startup funding passes $700m in 2020 despite COVID-19

January 23, 2021
0
Toshiba
Tech

Chrome Now Helps You Change Weak Passwords

January 23, 2021
0
Tech

Top 5 Skills That Modern Software Developers Need to Have

January 22, 2021
0
Tech

What Software Developers Need to Know About Burnout

January 22, 2021
0
Tech

Three Kenyan teams excel at the Huawei ICT Competition Global Finals

January 22, 2021
0
Startups

Free money transfer service Taptap Send launches its services to Kenya

January 22, 2021
0
Health

54gene launches a genome sequencing lab to track infectious and non-communicable diseases prevalent in Nigeria

January 22, 2021
0

https://bit.ly/2VOxuoBhttps://bit.ly/2VOxuoBhttps://bit.ly/2VOxuoB
ADVERTISEMENT

Join our Mailing List

Loading

Recent Posts

Finnfund & Norfund double Starsight’s funding to $20 million for Ghana expansion

January 23, 2021

African tech startup funding passes $700m in 2020 despite COVID-19

January 23, 2021
Toshiba

Chrome Now Helps You Change Weak Passwords

January 23, 2021
Toshiba

Shoppable Ad Formats Are Coming Soon To Youtube

January 23, 2021

Hero MotoCorp Surpasses the Monumental 100M Cumulative Production Milestone

January 23, 2021
">
">

Follow Us

">

There are many sites out there focused on blowing off some steam, from funny entertainment to thrilling experiences like playing online, in some cases online gaming could grant you the chance to win extra money. We came across rocketpot.io while browsing for a good btc casino online and it left us a very good impression with their wide variety of games and crypto offering.

Privacy & Cookies: This site uses cookies. By continuing to use this website, you agree to their use.
To find out more, including how to control cookies, see here: Cookie Policy

© 2019 Moran Media Group - All rights reserved TechMoran.

No Result
View All Result
  • Startups
  • Reviews
  • Insider
    • Obituaries
  • Business
  • Women
  • Blockchain
  • Columnists
  • Hacks & Facts
    • How To
  • Editions
    • US Edition
    • India Edition
    • MENA Edition
    • Asia Edition
    • Europe Edition
    • International Edition

© 2019 Moran Media Group - All rights reserved TechMoran.

Login to your account below

Forgotten Password? Sign Up

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
%d bloggers like this: