Fintech Tala raises $110m in Series-D funding led by RPS Ventures
The consumer lending app will use the fresh capital to expand in India and support the launch of new products.
The funding round was joined by GGV Capital with the participation from previous investors, including IVP, Revolution Growth, Lowercase Capital, Data Collective VC, Thom-Vest Ventures and PayPal Ventures.
The company will use the fresh capital to expand in India, support the launch of new products centered on financial health and grow its team across offices, including its Bengaluru engineering hub.
The consumer lending app, which is present in emerging markets, raised an additional $100 million in debt financing over the past year, including $50 million that was led by Colchis Capital. Tala’s app, which is available on Android devices, analyses device and behavioural data to instantly underwrite these consumers and create a personalised loan offer.
The company claims that more than 85% of its customers receive credit in less than 10 minutes. Tala typically lends around $70 to borrowers, but loans range from $10 at the low-end to $500.
Tala’s borrowers usually repay the loans within 30 days. It charges 11-15% interest.
“India is one of the most dynamic fintech markets in the world and we have the product, the team and now the funding to meet the country’s massive unmet demand for equitable financial services,” Siroya said. The company, based in Santa Monica, has more than 500 employees in Bengaluru, Santa Monica, Nairobi, Mexico City and Manila.