Tala, a fintech without a bank account, will raise $145 million for a global cryptocurrency

Texas News Today

Fintech start-up Tala raised $145 million on Thursday in a Series E funding round for lending, savings and cash management, including cryptocurrency offerings in Kenya, the Philippines, Mexico, India and the United States. He said he plans to expand the options. ..

Tala is a two-time CNBC Disruptor 50 company, ranked 20th on this year’s list, and has raised more than $350 million in venture funding from investors such as PayPal Ventures, GV and Revolution Growth.

The Santa Monica-based company says it can approve loans and disburse money through a mobile payment platform in a matter of minutes. Founder and CEO Shivani Siroya says it has lent more than $1 billion to over 4 million customers. A one-time fee of at least 5% is charged for each loan, and according to the company, more than 90% of customers will repay the loan within 20-30 days. Most are regular customers.

On CNBC’s “TechCheck” live stream Thursday morning, “From the beginning, Shiroya has been very deliberately focused on creating a global platform that is truly scalable in these regions, but also has the ability to localize.” I did Shiroya started COD in 2011 after an investment banking career focused on global health at the United Nations and other organizations.

“During the pandemic, we recognized the need for more than credit and rolled out products that were beyond credit, which highlighted the account experience we were excited to accelerate.”

In May, the company announced a partnership with Visa to build a platform that allows users to purchase cryptocurrencies starting with USDC, a digital currency denominated for the US dollar. This lock will allow users to send money across borders using cryptocurrencies, giving them greater access to the global financial system.

Earlier this year, El Salvador was the first to adopt bitcoin as a fiat currency, after members of the Central American Parliament voted in favor of bitcoin legislation by a “super-majority” and received 62 of 84 congressional votes. was a person. It became a country.

“There are many leaks around the financial system, especially for those with poor service. They have to spend a lot of time getting to physical places, spending money on transportation, and have a spare to actually get the money and use it. There is a fee,” Shiroya said. “So we’re really looking to make sure they have a safe place to spend their money more efficiently, and that’s what we think about crypto: we really Let us support how this technology can be used to ensure that you are making the necessary movement of money. “


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