Tala, one of the emerging financial technology firms, recently announced that it has secured $145 million in Series E funding to expand its services. The latest funding round was led by Upstart.
According to the press release shared by the company, Stellar Development Foundation also participated in the Series E investment round. Through the recent funding, Tala is planning to develop one of the first mass-market crypto products for emerging markets.
The company aims to make crypto solutions more affordable and equitable. According to Tala, more than 6 million people have used its app. Tala’s daily sign-ups have grown significantly in the last few months.
“We’ll use this investment to provide those services and accelerate the rollout of our new financial account experience, which provides fresh new tools to grow, save and manage your money. We’ll also work to develop one of the first mass-market crypto products for emerging markets to help make crypto solutions more affordable and equitable for those who need them most,” Tala mentioned in an official announcement.
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“Thanks to everyone who has chosen Tala as their financial partner and to all those who have helped us grow. After seven years, this still feels like the beginning,” the company added.
Series E Funding
In addition to Upstart and the Stellar Development Foundation, several other new investors including Kindred Ventures and the J. Safra Group participated in the Series E round. The company’s existing investors IVP, Revolution Growth, PayPal Ventures and Lowercase Capital joined the $145 million funding round.
“More than 6 million people have used our app to pursue their financial goals with confidence, all from their phone. Previously overlooked, our customers continue to drive the success and evolution of our product. Together, they’ve borrowed more than $2.7 billion across Kenya, the Philippines, Mexico and India to start and expand small businesses and manage day-to-day needs,” Tala highlighted.