Smartphone loan app Tala raises Sh3bn for expansion

In Startup

Micro credit startup Tala known for its small loans in Kenya via smartphone app has raised $30 million in its second fund raising to enter new markets.

The 5yr old company with operations in East Africa and Philipines uses customer data from various to aggregate credit scores and disburse loans.

The company issues loans ranging from $10 to about $50 depending on the credit score of its applicant and need.

The US startup earlier known as Mkopo Rahisi, said in a statement that it received the funding from US venture funds IVP and Ribbit Capital, as well as from existing investors who include Lowercase Capital, Data Collective, Collaborative Fund and Female Founders Fund.

READ: Safaricom Spark invests Sh103m in FarmDrive

“When you look at emerging markets around the world, only 7% of women small business owners actually get access to capital,” founder and CEO Shivani Siroya said.

Other similar companies include Safaricom’s Mshwari and Branch, another US-based firm operating in Africa.

 

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