Tala is one of the leading fintech firms in Kenya. Launched in the state in 2014, the company, along with the likes of Branch, is one of the few services that started offering unsecured loans to locals thanks to the ease of disbursal via M-PESA.
Over the years, we have seen the space grow, and is heavily funded.
Tala, today, has announced that it has received $145 million in a Series E round.
The funds, which translate to about KES 16.1 billion, will see the company expand its workforce in four new markets.
Tala is also working on new products, including crypto with the Stellar Network.
Tala adds that it will reinforce its teams in Kenya, Mexico, the Philippines, India, and the US.
The funding round was led by Artificial Intelligence lending platform Upstart and the Stellar Development Foundation.
New investors also participated in the round, including Kindred Ventures and the J. Safra Group, along with existing investors including IVP, Revolution Growth, Lowercase Capital, and PayPal Ventures also joined the round, bringing its total funding to more than $350 million.
Furthermore, Tala adds that the funds will see it spruce up new financial account experiences, which offers customers fresh tools to borrow.
Tala also allows customers to save and manage their money.
So far, the firm has disbursed more than $2.7 billion in loans to more than 6 million customers in the countries it operates in.
Daily, it receives more than 12K new customer sign-ups.
Following the transaction, 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. 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,” said Shivani Siroya, founder and CEO, Tala.
“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. This investment will secure our ability to continue innovating and driving the creation of new, relevant products for the Kenyan market and beyond,” said Ivan Mbowa, Tala East Africa Managing Director.