Fintech start-up Tala said Thursday it raised $145 million in a Series E funding round that the company intends to use to expand its borrowing, savings and money management options across Kenya, the Philippines, Mexico, India and the United States, including crypto offerings.
Tala is a two-time CNBC Disruptor 50 company that ranked No. 20 on this year’s list, and has raised more than $350 million in venture funding from investors including PayPal Ventures, GV, and Revolution Growth.
The Santa Monica-based company says it can approve a loan within minutes and disperses the money via mobile payment platforms. Founder and CEO Shivani Siroya says it has lent over $1 billion to more than four million customers. It charges a one-time fee as low as 5% for each loan, and the company says more than 90% of its customers repay their loan within 20 to 30 days. Most are recurring customers.