Tala, the world’s first fintech company for the Global Majority, has achieved a significant milestone by reaching 10 million customers across three continents, while providing 40 million loans totaling more than P293 billion or USD 5 billion worth of loans so far. This feat coincides with the celebration of a decade since Tala operated in its very first market in Nairobi, Kenya that set off its journey of serving the world’s underbanked.
The story of Tala started with founder and CEO Shivani Siroya and her vision of providing financially underserved populations with access to financial services through innovative solutions. After launching in Kenya in 2014, the company has grown exponentially over the years, disbursing nearly $6 billion in credit to its customers.
“Financial inclusion is our mission in Tala. Achieving 10 million customers reflects our longstanding commitment of serving the Global Majority, or those who historically have been excluded from accessing traditional financial services due to lack of credit score or history. We recognize their immense economic potential, and we want to unleash that power through technology, creativity and radical trust,” said Moritz Gastl, General Manager of Tala Philippines.
In delivering financial services to the Global Majority, Tala has harnessed the power of next-generation technology, pioneering the use of alternative data to bypass the unnecessary requirement of legacy finance and leveraging machine learning to assess creditworthiness of customers. It also announced the launch of its non-custodial crypto wallet, powered by the Stellar blockchain, designed to enable customers to manage virtual assets with security and ease, and participate in the growing digital economy.
“We constantly work on innovations to better support the evolving needs of our customers and improve their financial health, especially knowing how diverse the needs and backgrounds of the Global Majority are,” said Gastl.
Beyond providing access to convenient and flexible credit and other helpful financial tools, Tala has also partnered with the Atlantic Council to support the publication of an in-depth report about the Global Majority that can provide the basis for mobilizing policymakers, investors, and innovators to advance financial inclusion for this population.
In the Philippines where there are over 3 million Tala customers, Tala cultivates radical trust in every transaction. From its convenient loan application and disbursement to flexible repayment, it ensures customers that Tala can be their reliable partner in reaching their financial goals and achieving their dreams for themselves and for their families.
This is reflected in the many inspiring stories of its long-time customers like May and Aimee.
“Tala helped me a lot, that’s why I consider it my ‘buddy.’ I really felt the trust that Tala had initially given me, and we still continue to trust each other to this day,” said May, on how Tala’s financial services helped her improve her livelihood. “As time went on, my credit limit increased more and more. Back then, I only borrowed money for utilities, but now, I use it to sell food for my business, from buying ingredients to outsourcing delivery services.”
Aimee, a stay-at-home mom and aspiring entrepreneur, also attests to how Tala helped her improve her financial situation. After being rejected by several banks due to her lack of credit history, she was able to start and expand her food stall business and grow her loan limits with Tala.
“Tala is really like a companion that supports me and helps me achieve my goals. It’s so easy to get a loan from Tala. I can always count on it,” she said.
