Digital lending app, Tala, has raised $110m (Sh11.3 billion) in Series D funding.
The 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.
In conjunction with the funding, Kabir Misra, Founding General Partner at RPS Ventures, joined Tala’s Board of Directors.
Over the last year, the company raised an additional $100M in debt, including a $50M facility led by Colchis.
The company intends to use the funds to expand in India and other markets, launch new products on the Tala platform, and scale its team across offices in Kenya, Mexico, the Philippines, India, and the United States.
Founded by CEO Shivani Siroya, Tala provides unsecured lending via smartphone direct to consumers in emerging markets. Loan sizes start at just $10 to $500.
In five years, the company has established a new scalable way to assess creditworthiness – via smartphone data.
In the past year, Tala tripled its core credit businesses, lending over $1 billion dollars to more than four million customers across three continents.
Customers can now receive and pay back their loans at over 40,000 pickup points (in addition to top mobile wallets), navigate everyday financial challenges through personalized financial education programs, and enjoy low fees from dynamic pricing.
The company operates in Kenya, Tanzania, Philippines, Mexico, and India.