Mobile lending app Tala has announced a strategic investment from American online payments firm PayPal.
In a statement, PayPal says the investment will help Tala bring ‘visibility and access to underserved populations in emerging markets across the globe.’
“Tala’s app, which can be accessed by anyone with an Android smartphone in Tala’s markets, analyzes device and behavioral data to instantly underwrite these consumers and create a personalized loan offer. Tala disburses loans between $10 and $500 USD to a mobile wallet or via payment method of the customer’s choosing.” reads the statement.
“We are excited to add PayPal as an investor to further our mission to reach more underserved consumers and deliver the financial access, choice and control they deserve.” said Shivani Siroya, founder and CEO, Tala.
The new investment builds on Tala’s Series C financing, announced in April and led by Revolution Growth.
Tala currently operates in Kenya, Tanzania, the Philippines, and Mexico, and has launched a pilot in India. The company has disbursed more than $500 million USD in credit to customers.
RELATED; Mobile Lending Sector on the Spotlight as Number of Blacklisted Borrowers Hits 500,000
