Three billion adults do not have
access to basic financial services, including the ability to borrow, save, or
grow their money.
Tala, the leading digital lender in the
Philippines, is on a mission to build a financial system that works for
everyone, beginning with the world’s most accessible consumer credit product.
Tala announced its $210M Series
D investment to accelerate financial inclusion around the world. The latest
funding round is comprised of $110M in equity, led by RPS Ventures, and $100M
in debt financing.
The new round
will fuel continued growth in the Philippines and support the launch of new
products in the Tala ecosystem that promote financial health and create value
for its loyal customer base in the Philippines, Mexico, Kenya, and India.
“As the
second largest market in Southeast Asia, the Philippines presents a massive
opportunity. With a population of over 100 million, we have 70 million unbanked
Filipinos with a widely unmet need for credit in a growing economy. In the two
short years since we launched in the Philippines, Tala has emerged as the top
digital lender in the market,” said Angelo Madrid, Tala’s Country Manager in
the Philippines.
In 2014, Tala
became the first in the world to offer unsecured loans via smartphone,
instantly underwriting customers and disbursing credit entirely through an
Android app.
The company has since loaned
more than $1 billion to 4 million customers on 3 continents, with a 90%
repayment rate that proves the potential of these previously overlooked
consumers. Tala’s growth is fueled by a deep commitment to its customers,
whose loyalty has helped make Tala a top digital lending app across its current
markets.
“We
attribute our rapid success to our lean 200-person team in Manila that works
with Tala’s global team to deliver best-in- class localized experiences, and
our amazing customers, who are the most engaged and loyal that we have seen in
any market. With this round of funding, we look forward to continuing on the
path to universal financial inclusion,” Madrid adds.
In the near term, Tala will
leverage its proprietary technologies and customer trust to deliver additional
products that accelerate financial health for the underserved in the
Philippines and around the world.
The new round 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. Kabir Misra, Founding General Partner at RPS
Ventures, has joined Tala’s board of directors.
Tala has more than 500 employees
across offices in Manila, Mexico City, Nairobi, Santa Monica, and Bangalore.
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