Mobile lending app Tala today secured $65 million in its latest round of funding. marked for its expansion to India.
With over 1.3 billion people, rapidly advancing technology, and government backed initiatives to digitize financial services, India is becoming an important market for fintechs.
Of the $65 million Tala raised, $50 million came from a Series C investment led by VC firm Revolution Growth. Other investors in this round include VP, Data Collective, Ribbit Capital, Lowercase Capital and Female Founders Fund. Tala did not specify if the additional $15 million came from the same group of investors. Tala could not be reached for comment.
Today’s funding brings Tala’s total investment to more than $105 million, according to the release.
Based in Santa Monica, Calif., Tala provides consumer loans ranging from $10 to $500 through its mobile-first platform. It has operations in Kenya, Tanzania, Mexico, and the Philippines. Since its founding in 2012, it has originated more than $300 million in consumer loans, to nearly 1.3 million customers.
In a statement released today, Shivani Siroya, founder and CEO for Tala, said:
We are excited to bring our globally proven, customer-driven product to India, where there is high demand for consumer credit and a significant underserved population. Tala’s speed, fully automated borrowing experience, and empathetic customer service will be an advantage in a fast-growing sector.
Read more at Finextra and Capital Business.