Santa Monica-based company Tala recently got an investment amounting to $110 million through the Series D round. Crunchbase reports that the firm is looking at India as a viable expansion option.
Tala founder and CEO Shivani Siroya said that the lending firm is aiming at an Indian debut as the country has a huge number of citizens without access to the most basic financial products. The fund earned by the company will be used to penetrate the Indian market, as well as offer new services.
Siroya also said that there are 3 billion individuals across the world who are not able to use valuable financial services such as loans and saving products. Because of this, the firm aims to operate in many other markets. As of this writing, Tala has 500 people working in Southern California, Mexico, the Philippines, Kenya and India.
Aside from the $110 million funding it received, the company has raised a total of $219.4 million. This came from investors including Institutional Venture Partners, PayPal Ventures and Revolution.
In making their services available to more people, the company says through its website that individuals can avail their offers with only a smartphone. Loans available to clients fall within $10 to $500. The company claims to provide “instant decision, regardless of [clients’] credit history.”
With these accessible services, Crunchbase found that Tala was able to help individuals to grow their money.
Meanwhile, lending is garnering the attention of various potential investors. According to Crunchbase, there is a rise in funding funnelled toward lending and investment startups. From 2014 to 2018, the funding received by the sector increased from $3.1 billion to $25.3 billion.
As of this writing, early-stage lending firms have received $7.2 billion from investors. With the latest funds it received, Tala is predicted to rise up to various competitors.