Tala, a credit provider to undeserved customers, has netted $50m in its Series C funding round led by Revolution Growth.
Other participants to the round included IVP, Data Collective, Lowercase Capital, Ribbit Capital, and Female Founders Fund. This investment comes after a recent $15m equity injection to support its loan book.
As part of the transaction, Revolution Growth managing partner Steve Murray will join Tala’s board of directors.
Tala is a mobile-based app that uses behavioural data to underwrite customers that have little or no credit history. The company’s Android app aggregates data from a customer’s smartphone device, including financial transactions, savings, network diversity and geographic patterns to build a customised credit score.
The company offers loans between $10 and $500 to a mobile wallet of through payment rails, with most customers receiving credit within 10 minutes.
This capital injection will be used to expand Tala’s efforts to Mexico and India. The company is already in operation in Kenya, Tanzania and the Philippines, where it has served credit to over 2.3 million customers and originated $300m. In 2017, Tala’s loan origination and revenue quadrupled, according to the company.
Tala founder and CEO Shivani Siroya said, “With more than 3 billion underserved consumers globally, Tala’s ultimate aim is to deliver meaningful products and services that build radical trust with our customers and put more people in control of their financial lives. We are excited to bring our globally proven, customer-driven platform to additional markets where there is high demand for consumer credit and a significant underserved population.”
The new funding round brings Tala’s total funding efforts to a total of $105m. Last year, the company collected $30m in its Series B funding round led by Institutional Venture Partners. Other backers included Ribbit Capital, Lowercase Capital, Data Collective, Collaborative Fund and Female Founders Fund.
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