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Tala, an emerging markets digital lender, has raised USD 145 Mn in a Series E funding led by Upstart. Other investors in the round included Stellar Enterprise Foundation, a DeFi network, and new investors J. Safra Group and Kindred Ventures. Existing investors IVP, Lowercase Capital, and Revolution Growth also joined the round.
Tala offers credit and collateral-free loans to consumers in Kenya, Mexico, the Philippines, and India. The app uses phone data and activities of its users to create credit scores which determine the credit amount a user is eligible to receive. Tala plans to use the new investment to facilitate geographic expansion and grow its team across the four markets that it is currently serving and the United States.