Tala opens more financial opportunities

Tala, the country’s leading digital lender, announced that it’s starting a mission by establishing the world’s most accessible consumer credit product. It has embarked on a $210 million Series D investment to accelerate financial inclusion around the world.

This latest funding round is comprised of $110 million in equity, led by RPS Ventures, and $100 million in debt financing. It’s designed to fuel constant growth in the country and support the launch of new products in the Tala ecosystem. These products were introduced to promote financial health and create value for its loyal customer base in the Philippines, Mexico, Kenya and India.

Tala’s country manager Angelo Madrid said the Philippines presents “a massive opportunity” as it happens to be the digital lender’s second largest market in Southeast Asia.

“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,” he said.

It was in 2014 when Tala became the first in the world to offer unsecured loans via smartphone, instantly underwriting customers and disbursing credit through an Android app.

The company has since loaned more than $1 billion to four million customers in three continents. It has pegged a 90 percent repayment rate, thus underscoring the potential of these previously overlooked consumers.

Madrid notes that Tala’s growth has been 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 added.

In the near term, Tala will leverage its proprietary technologies and customer trust to deliver additional products that will accelerate the financial health of the underserved in the Philippines and around the world.