Tala is one of the leading FinTech companies in Kenya. Launched in the state in 2014, the company, along with Branch, is one of the few services to have started offering unsecured loans to residents through the disbursement facility through M-PESA.
Over the years we have seen the space grow and it is heavily funded.
Tala announced today that it has received $ 145 million in a Series E round.
The funds, which translate to around KES 16.1 billion, will allow the company to expand its workforce into four new markets.
Tala is also working on new products, including cryptography with the Stellar network.
Tala adds that he will strengthen his teams in Kenya, Mexico, the Philippines, India and the United States.
The funding round was led by the Upstart artificial intelligence lending platform and the Stellar Development Foundation.
New investors also entered the cycle, including Kindred Ventures and the J. Safra Group, as well as existing investors including IVP, Revolution Growth, Lowercase Capital and PayPal Ventures, also joined the cycle, bringing its total funding to over $ 350 million.
Additionally, Tala adds that the funds will enable her to embellish new financial account experiences, which provide clients with new tools for borrowing.
Tala also helps customers save and manage their money.
So far, the company has disbursed more than $ 2.7 billion in loans to more than 6 million customers in the countries where it operates.
Every day, it receives more than 12,000 new customer registrations.
Following the transaction, Paul Gu, co-founder of Upstart, and Denelle Dixon, CEO and Executive Director of the Stellar Development Foundation joined Tala’s board of directors.
“Tala has spent the past seven years providing essential and valuable services in markets where the financial system is fundamentally broken for millions of people. This new investment will accelerate our path to becoming the premier financial account of the world’s underbanked people and help millions more advance in their financial lives, â€said Shivani Siroya, Founder and CEO of Tala.
“We are excited to build on the incredible foundation we have established as one of the most customer-centric, inclusive and trusted fintech brands in Kenya. This investment will ensure our ability to continue to innovate and drive the creation of new products relevant to the Kenyan market and beyond, â€said Ivan Mbowa, Managing Director of Tala East Africa.