According to Kenyan Wallstreet, international mobile loans service; Tala, has secured $110 million (11 billion Kenyan Shillings) in series D funding.
The feat was achieved on Wednesday, the 21st Of August 2019 in a new funding round which was led by RPS Ventures in partnership with GGV Capital, IVP, Revolution Growth, Lowercase Capital, Data Collective VC, ThomVest Ventures l, as well as PayPal Ventures.
The move by the company which currently runs operations in 5 countries globally (Kenya, Tanzania, India, Mexico and Philippines), is intended to further accelerate its financial inclusion around the East African region.
The General Manager Of Tala (East Africa) Ivan Mbowa , stated that the new investment will allow Tala to launch new products in the firm’s ecosystem as the company is targeting new customers both within Kenya and internationally as well.
Kenya where it first launched in 2014, is Tala’s biggest market with 2.5 million users.
Tala offers loans, credit scoring and other personalized financial services in Kenya and around the world, through its smartphone application, instantly underwriting customers, and disbursing credit, regardless of a user’s credit history. This is according to information on their support website; talasupport.zendesk.com
Tala plans to leverage its proprietary technologies and customer trust in order to deliver additional products. The company is also aiming to promote financial health through the enabling of customers to borrow, save, and grow their money.
It is also launching a new micro insurance product in Kenya, which will in turn create more value for its loyal customer base.
In addition, the mobile lending service will speed up financial inclusion through the disbursement of free financial education and community building services.
