#fintech, #fundraise, #shivani siroya, #startups, #stellar development fund, #upstart

Tala was founded in 2013 by former Citigroup Executive Shivani Siroya

Global financial services technology company Tala said on October 15 that it had raised $145 million in a Series E round led by AI lending platform Upstart. The round also saw participation from Stellar Development Foundation, Kindred Ventures and the J Safra Group, along with existing investors including IVP, Revolution Growth, Lowercase Capital, and PayPal Ventures

This round takes the lender’s total funding to over $350 million. Founded in 2013 by former Citigroup Executive Shivani Siroya, the US-headquartered company has six million users across Kenya, the Philippines, Mexico, and India.

The firm disburses 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 said it will use the investment to accelerate the rollout of its new financial account experience, which provides customers with new tools to borrow, save and manage their money from its consumer finance app.

Tala will also expand 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 this fundraise, 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.

In addition to payments and savings, Tala’s evolved account will offer an expanded range of personalized credit options, including longer-term loans and credit that can be configured to match customers’ income cycles.

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.”

Leveraging the network of Stellar Development Foundation, Tala will also use this funding to develop the first mass-market crypto product for emerging markets, the company added.

Denelle Dixon, CEO and Executive Director of the Stellar Enterprise Fund said, “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.”

Since launching in Nairobi in 2014, Tala has delivered more than $2.7 billion in credit to more than 6 million customers across Kenya, the Philippines, Mexico and India. The company said that it sees more than 12,000 new sign ups every day.

Internet Explorer Channel Network


LATEST NEWS

NEWS RELATED

US exploring how banks can hold and trade cryptocurrency like traditional assets, FDIC chairman says

A top US bank regulator said US officials are looking to provide a clearer path for banks and their clients that are looking to hold cryptocurrencies, in order to keep control over the fast-developing asset. Jelena McWilliams, who chairs the Federal Deposit Insurance Corporation, told Reuters in an interview on…

Read more: US exploring how banks can hold and trade cryptocurrency like traditional assets, FDIC chairman says

Fintech giants Stripe and Klarna partner on 'buy now, pay later' as competition heats up

The logo of Swedish payment provider Klarna.Thomas Trutschel | Photothek | Getty Images LONDON — Stripe and Klarna, two of the world's biggest private fintech companies, are teaming up. Stripe said Tuesday it has agreed a strategic partnership with Klarna to offer the Swedish firm's buy now, pay later payment…

Read more: Fintech giants Stripe and Klarna partner on 'buy now, pay later' as competition heats up

PayPal says it's not looking to buy Pinterest right now; shares jump 5%

The PayPal app shown on an iPhone.Katja Knupper | DeFodi Images | Getty Images U.S. payments giant PayPal said Sunday that it is not currently interested in buying social media platform Pinterest. Responding to what it called “market rumors,” the financial technology company said in an update on its website…

Read more: PayPal says it's not looking to buy Pinterest right now; shares jump 5%

Silicon Valley entrepreneur Sam Altman wants to scan your eyes in exchange for free cryptocurrency

Worldcoin's orb-shaped devices scan people's eyes in exchange for cryptocurrency.Worldcoin It sounds like something out of a sci-fi movie — metallic orbs that scan people's eyes to pay them in digital currency. That's what tech investor Sam Altman has been working on for his new start-up, a company called Worldcoin.…

Read more: Silicon Valley entrepreneur Sam Altman wants to scan your eyes in exchange for free cryptocurrency

Hong Kong, mainland China agree to one-stop sandbox platform allowing Greater Bay Area start-ups to develop cross-border fintech tools

The monetary authorities in Hong Kong and mainland China have agreed to create a one-stop sandbox platform in the Greater Bay Area that will allow financial firms and technology companies to develop cross-border fintech products faster and at lower cost. Hong Kong Monetary Authority (HKMA) and the People’s Bank of…

Read more: Hong Kong, mainland China agree to one-stop sandbox platform allowing Greater Bay Area start-ups to develop cross-border fintech tools

Silicon Valley fund Andreessen Horowitz ropes in Aditya Rane for India Fintech and Crypto

Representative image Top Silicon Valley fund Andreessen Horowitz (a16z) has hired Aditya Rane to look at the Indian Fintech and Crypto space, signalling its growing interest in a country that’s witnessed a record funding boom this year. The move also comes weeks after a16z made its first India investment, in…

Read more: Silicon Valley fund Andreessen Horowitz ropes in Aditya Rane for India Fintech and Crypto

UK online lender Zopa valued at $1 billion in SoftBank-led funding round

Jaidev Janardana, CEO of peer-to-peer lender Zopa. Zopa LONDON — British online lending start-up Zopa has raised $300 million in a funding round led by SoftBank, adding to the soaring investment flowing into Europe's booming financial technology sector. The company is now valued at $1 billion following the fresh cash…

Read more: UK online lender Zopa valued at $1 billion in SoftBank-led funding round

Most young crypto traders don't realize it's not regulated, UK markets watchdog says

A visual representation of cryptocurrencies. Jakub Porzycki | NurPhoto | Getty Images LONDON — Most cryptocurrency investors under the age of 40 don't realize it isn't a regulated product, according to the U.K. Financial Conduct Authority. Cryptocurrencies are not regulated in the U.K., meaning people are not protected by consumer…

Read more: Most young crypto traders don't realize it's not regulated, UK markets watchdog says

Bitcoin jumps to new high above $66,000 after landmark U.S. ETF launch

Fintech firm N26 is now worth more than Germany's second-largest bank

US fund sees bitcoin as ‘one of the most profitable assets,' alternative to US$150 trillion of sub-zero yielding cash and bonds

Exclusive: Neobank Fi aims for $200-million valuation in new funding round

Stripe acquires fintech startup Recko in first Indian acquisition

China's tech crackdown will see ‘more substantial progress' by year's end, Beijing vows

Wealth Management Connect makes positive start as customers rush to open accounts, invest on both sides of the border

Fintech firm CRED valued at $4 billion in new funding round

OTHER NEWS