This archive report was first published on 15 October 2021.
On October 15, 2021, Tala, a leading fintech startup, announced a significant milestone in its growth journey by securing $145 billion (approximately Shs 16.1 billion) in Series E funding.
This latest investment brings the company's total funding to over $350 million (approximately Shs 38.8 billion), solidifying its position as a major player in the fintech industry.
According to a statement from the company, the funds will be used to develop the first mass-market crypto product for emerging markets, making financial tools more accessible and equitable for populations that can benefit the most from the crypto economy.
The fundraise was led by Upstart, with participation from the Stellar Development Foundation, and included new investors Kindred Ventures and the J. Safra Group, as well as existing investors IVP, Revolution Growth, Lowercase Capital, and PayPal Ventures.
Tala's new financial account experience will also be rolled out, providing customers with fresh tools to borrow, save, and manage their money.
“Tala's evolved account will offer an expanded range of personalized credit options, including longer-term loans and credit that can be configured to match customers' income cycles,” the company stated.
East Africa Managing Director Ivan Mbowa expressed excitement about the new investment, stating that it will accelerate the company's path to becoming the primary financial account for the global underbanked and helping millions more people make progress in their financial lives.
As part of this fundraise, Paul Gu, co-founder of Upstart, and Denelle Dixon, CEO and Executive Director of the Stellar Development Foundation, joined Tala's board of directors.
