Tala, a U.S.-based consumer lending app in emerging markets, announced this week it secured $110 million through its Series D funding round, which was led by RPS Ventures, with participation from GGV Capital and previous investors including IVP, Revolution Growth, Lowercase Capital, Data Collective VC, ThomVest Ventures and PayPal Ventures.
Founded in 2011, Tala claims it is the leading mobile technology and data science company that is committed to financial inclusions global. The company reported that more than two million users have borrowed through its mobile app, which provides instant credit scoring, lending, and other personalized financial services.
“In the past year, Tala tripled our core credit businesses, lending over $1 billion dollars to more than four million customers across three continents, all via our smartphone app. Customers can now receive and pay back their loans at over 40,000 pickup points (in addition to top mobile wallets), better navigate everyday financial challenges through our personalized financial education programs, and enjoy Tala’s lowest fees from dynamic pricing. Our loyal customers have helped make us one of the fastest-growing fintechs globally, and the top digital lending app across our markets – and this is only the beginning. “
Tala also revealed that over the past year, it has also raised an additional $100 million in debt, including a $50 million facility led by Colchis that the company claims is the first of its kind in Kenya and Colchis’ first debt facility outside the U.S. and the UK. Tala went on to add:
“We’ll use this funding to advance our mission by expanding in India and other markets, launching new products on the Tala platform, and scaling our world-class team across our offices in Kenya, Mexico, the Philippines, India, and the United States.”