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PayPal invested in the consumer lending app

The app announced a strategic investment from PayPal to expand global reach

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PayPal invested in the consumer lending app. Source: shutterstock.com

Tala, the leading consumer lending app in emerging markets, announced a strategic investment from PayPal. This investment will help Tala bring visibility and access to underserved populations in emerging markets across the globe.

More than two-thirds of the world’s adult population has no formal credit bureau record, making it difficult for traditional financial services to understand and reach these consumers. Tala’s app, which can be accessed by anyone with an Android smartphone in Tala’s markets, analyzes device and behavioral data to instantly underwrite these consumers and create a personalized loan offer. Tala disburses loans between $10 and $500 to a mobile wallet or via payment method of the customer’s choosing. More than 85% of Tala’s customers receive credit in less than 10 minutes.

The new investment builds on Tala’s Series C financing, announced in April and led by Revolution Growth.

Tala currently operates in Kenya, Tanzania, the Philippines, and Mexico, and has launched a pilot in India. The company has delivered more than $500 million in credit to millions of customers.

SEE ALSO: How SMEs bolster the growth of alternative finance – research

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