Tala on Wednesday secured USD110 million in series D funding in a bid to accelerate financial inclusion around the region.
Tala General Manager (East Africa) Ivan Mbowa said the new investment will allow Tala to launch new products in the firm’s ecosystem as Tala is targeting new customers in Kenya and internationally.
The new funding round was led by RPS Ventures in partnership with GGV Capital, IVP, Revolution Growth, Lowercase Capital, Data Collective VC, ThomVest Ventures and PayPal Ventures.
Tala offers unsecured loans via smartphones, instantly underwriting customers, and disbursing credit entirely through an android app.
Kenya is Tala’s largest market with 2.5 million customers where it first launched in 2014.
Tala aims to promote financial health by allowing customers to borrow, save, and grow their money.
In addition, it plans to leverage its proprietary technologies and customer trust to deliver additional products.
Tala will accelerate financial inclusion through free financial education and community building services.
Tala is piloting a new micro-insurance product in Kenya, which seeks to create value for its loyal customer base.