Fintech startup Tala has raised $110 million in Series D round led by RPS Ventures. The round also saw participation from GGV Capital and previous investors including IVP, Revolution Growth, Lowercase Capital, Data Collective VC, ThomVest Ventures, and PayPal Ventures.
The company said the funding will fuel its expansion in India, support the launch of new products centered on financial health, and help Tala grow its team across all its offices, including its Bengaluru engineering hub.
The US-based company offers unsecured loans via smartphone, instantly underwriting customers, and disbursing credit through an Android app. Till now, the company has disbursed loans of more than $1 billion to four million customers, with a 90 percent repayment rate.
With the new round, Kabir Misra, Founding General Partner at RPS Ventures, will be part of Tala’s board of directors.
Shivani Siroya, the Indian-American Founder and CEO of Tala, spent much of her childhood in Udaipur, Rajasthan, where her family hails from, and later returned to India as a researcher with the United Nations Population Fund.
After encountering the problem of the global underbanked first-hand, Shivani founded Tala to build a financial system to help the underserved.
“We are thrilled to be accelerating Tala’s growth in India, where my entrepreneurial journey began,” said Shivani.
“India is one of the most dynamic fintech markets in the world, and we have the product, the world-class team, and now the funding to meet the country’s massive unmet demand for equitable financial services. I’m excited to welcome RPS Ventures and GGV to our investor base as part of this round,” she said.
Over the past year, Tala raised an additional $100 million in debt financing, including $50 million led by Colchis Capital. It has more than 500 employees across its offices in Bengaluru, Santa Monica, Nairobi, Mexico City, and Manila.
(Edited by Megha Reddy)
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