Tala, a US-based microlender serving East Africa and Southeast Asia via mobile phone apps, recently raised USD 30 million through its Series B equity round in order to expand its services into South Asia and Latin America. Tala provides loans between USD 10 and USD 500 through apps that work on Android smartphones. The average Tala loan is for USD 50 with an interest rate of 11 percent. Tala was founded in 2012 in the state of California with the name Inventure.
US-based venture capital firms Institutional Venture Partners (IVP) and Ribbit Capital participated as first-time investors in Tala. IVP, which focuses on life science and information technology, was founded in 1980 and reports committed capital of USD 5.4 billion as of 2017. Ribbit invests in mobile lending.
The following US-based firms increased their stakes in Tala through this funding round: Lowercase Capital, which invests in a wide range of sectors; Data Collective Venture Capital, which invests in technology firms; and the Collaborative Fund, which focuses on health and sustainability. The Collaborative Fund has three vehicles with a total value of USD 125 million.
Financial data are not available on Tala, Ribbit, Lowercase or Data Collective. Neither the sizes nor the prices of the new stakes were disclosed.
By Phoebe Rorke, Research Associate
Sources and Additional Resources
Institutional Venture Partners:
Data Collective Venture Capital:
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