Tala, a digital lending platform has announced that its customer base has reached eight million customers across four markets which include Kenya, India, the Philippines, and Mexico.
According to the company, it signed up more than 800,000 new clients in the first six months of this year,a 114 percent growth from a similar period last year.
Shivani Siroya, founder and CEO of Tala said “Our success and customer growth has proven this out, with more people using our global platform to manage their daily lives and fund new ideas, businesses and innovations – allowing more people to fully participate in the global economy.”
Tala acquires customers efficiently at scale by giving people instant access to cash. Leveraging #AI and a customer-centric approach, the platform maintains a highly loyal customer base which drives business growth — the customer repeat rate is 95% and repayment rates are above 90%.
Tala’s eight million customers are accessing more than $3 million every day, totaling nearly $100 million in origination per month. The Tala platform bridges digital and cash ecosystems to help customers seamlessly manage their financial lives, processing nearly $200 million transactions monthly.
“The Tala platform bridges digital and cash ecosystems to help customers seamlessly manage their financial lives, processing nearly $200 million transactions monthly.”
In January, Tala joined a list of other digital credit providers (DCP) to be approved by the Central Bank of Kenya (CBK).
Some of the other DCP whose operations were approved included Inventure Mobile Limited (Trading as Tala), Letshego Kenya Ltd, MFS Technologies Limited, Natal Tech Company Limited, Ngao Credit Limited, and Pezesha Africa Limited.
Others are Sevi Innovation Limited, Tenakata Enterprises Limited, Umoja Fanisi Limited, and Zanifu Limited.
In December 2021, former President Uhuru Kenyatta assented to the Central Bank Amendment Bill, 2021, allowing the CBK to regulate non-deposit-taking credit providers.
It gave CBK the power to suspend any DCP that breaches data confidentiality by pursuing borrowers at high interest rates.
