Digital shillings lending platform Tala has received a major financial boost after a number of investors pumped in billions into the digital lending company, which is steadily gaining global recognition for its lending services. The money in tune of $145m will be used by the financial entity to extend its lending tentacles up to the United States.
Currently, Tala has got its branches in the Philippines, Mexico, and India. The funding that the lending digital firm has received has come from a list of many investors, led by Upstart and the Stellar Development Foundation. Other investors, Kindred Ventures and the J. Safra Group, along with existing investors – including IVP, Revolution Growth, Lowercase Capital, and PayPal Ventures also joined the round, which brings Tala’s total funding to more than $350 million (Sh38.8 billion).
Since its inception in 2014, Tala has spent more than 1.2 billion Kenya shillings to more than 6 million Kenyans, and some from the Philippines and India. Moreover, statistics show that more than 12,000 new users sign in to Tala services every day. This latest survey only indicates that there are a lot of people who are benefitting from the services being rendered by the ‘Kenyan-born’ financial firm.
These new developments have therefore informed Paul Gu, co-founder of Upstart, and Denelle Dixon, the CEO and Executive Director of the Stellar Development Foundation, to join 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 Shivani Siroya, founder and CEO, Tala.
Siroya added that these new developments will augment the primary responsibility of Tala to become one of the global underbanked to help millions to progress financially. “We are excited to build upon the incredible foundation we have established as one of the most customer-centric, inclusive, and most loved fintech brands in Kenya” Ivan Mbowa, East Africa managing director, Tala 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,” Paul Gu, Co-Founder and Head of Product at Upstart said.
RELATED STORY: Money Bag Masten Wanjala Bribed Police Officers To Escape Without Struggle
