Tala, the leading consumer lending app in emerging markets, announced a strategic investment from PayPal. The two companies share a commitment to building financial health, enabling all people to gain access to the digital economy.
PayPal’s investment will help Tala bring visibility and access to underserved populations in emerging markets across the globe.
More than two-thirds of the world’s adult population have no formal credit bureau record, making it difficult for traditional financial services to understand and reach these consumers. Tala’s app, which can be accessed by anyone with an Android smartphone in Tala’s markets, analyzes device and behavioral data to instantly underwrite these consumers and create a personalized loan offer.
Tala disburses loans between $10 and $500 to a mobile wallet or via payment method of the customer’s choosing. More than 85 percent of Tala’s customers receive credit in less than 10 minutes.