Tala, a Los Angeles, CA-based mobile credit scoring and financial services technology and data science platform, raised more than $30m in Series B financing.
The round was led by IVP with participation from Ribbit Capital and existing investors Lowercase Capital, Data Collective, Collaborative Fund and Female Founders Fund (F3). As part of the financing, Jules Maltz from IVP has joined Tala’s Board of Directors.
The company intends to use the funds to accelerate product development, expand into new markets, and build its internal team.
Led by Shivani Siroya, Founder and CEO, Tala connects – through its mobile app – over 10,000 data points per customer including financial transactions, savings, network diversity, and geographic patterns, to create an instant credit score and deliver customized financial services. Once a customer has been scored through the app, he or she can apply for credit and receive an instant decision. The size and terms of the credit product are customized based on a customer’s risk and capacity. Credit is disbursed directly to customers’ mobile money accounts and they repay their loans directly from the app.
The company currently operates in East Africa and Southeast Asia with offices in Nairobi and Manila.