Tala, an emerging market-focused microcredit startup born out of Kenya, has raised a larger amount two years after securing $100 million, which will be used to strengthen its business in its four operating markets, including adding crypto products.
The company has announced a $145 million fundraising round led by Upstart, with the Stellar Development Foundation as a partner.
The total funds raised by the company, which has offices in Kenya, India, the Philippines, and Mexico, now equal more than $350 million.
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Tala is currently worth $800 million, with loans ranging from $10 to $500.
This funding will be used to “strengthen its services, invent new tools to store and manage its customers’ assets, and also develop general public crypto products,” according to Shivani Siroya, who started the fintech in 2011.
In addition to the mobile loan offer it has been delivering from its inception, the company aspires to develop a wide range of financial products and services for the benefit of underserved and underbanked people.
This latest fundraising campaign follows a $100 million donation almost two years ago.
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Tala claims to have issued loans totaling more than $2.7 billion to its consumers in its four main operating countries, thanks to new and veteran investors. The microcredits were used to expand operations and meet day-to-day necessities.
Tala crypto Tala crypto
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer