Tala, the leading global technology company committed to financial inclusion, will bring its popular consumer lending app to India.
The expansion was announced along with a new $50 million Series C investment led by Revolution Growth to scale up the success already in progress. Tala has also recently raised an additional $15 million to power its loan book. The round brings Tala’s total financing to more than $105 million.
Tala, which launched Kenya’s first smartphone-based lending app in 2014, has grown significantly in the last year, expanding to Tanzania, the Philippines, and Mexico. Through its mobile platform, Tala has delivered more than 6 million loans to nearly 1.3 million customers and originated more than $300 million. The popular app is currently number 3 in the Google Play Store in Kenya.
The timing is opportune as the digital lending space in India is still nascent but with huge potential as the government pushes for greater financial inclusion using digital technology.