Loaning App Tala’s New Investment Opens More Financial Opportunities For Filipinos
Published · Wednesday, August 28, 2019 12:46 PM
Three billion adults do not have access to basic financial services, including the ability to borrow, save, or grow their money.
Tala, the leading digital lender in the Philippines, is on a mission to build a financial system that works for everyone, beginning with the world’s most accessible consumer credit product.
Tala announced its $210M Series D investment to accelerate financial inclusion around the world. The latest funding round is comprised of $110M in equity, led by RPS Ventures, and $100M in debt financing.
The new round will fuel continued growth in the Philippines and support the launch of new products in the Tala ecosystem that promote financial health and create value for its loyal customer base in the Philippines, Mexico, Kenya, and India.
“As the second largest market in Southeast Asia, the Philippines presents a massive opportunity. 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,” said Angelo Madrid, Tala’s Country Manager in the Philippines.
In 2014, Tala became the first in the world to offer unsecured loans via smartphone, instantly underwriting customers and disbursing credit entirely through an Android app.
The company has since loaned more than $1 billion to 4 million customers on 3 continents, with a 90% repayment rate that proves the potential of these previously overlooked consumers. Tala’s growth is 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 adds.
In the near term, Tala will leverage its proprietary technologies and customer trust to deliver additional products that accelerate financial health for the underserved in the Philippines and around the world.
The new 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. Kabir Misra, Founding General Partner at RPS Ventures, has joined Tala’s board of directors.
Tala has more than 500 employees across offices in Manila, Mexico City, Nairobi, Santa Monica, and Bangalore.