Mobile money has transformed how lending is done in this country as more and more people opt for such avenues at the expense of banks and other traditional lending institutions. Being pioneers in mobile money transfer using Mpesa, Kenyans have become addicted to instant loans that require little or no security at all.
Tala App Loan is one of the most famous lending apps in Kenya.
WHO OWNS TALA LOAN APP
Shivani Siroya, an Indian-American entrepreneur, is the brains behind the loan App Tala (initially Inventure) which operates in Kenya, Tanzania, the Philipines, India, and Mexico.
She founded the app in 2011 to offer instant credit scores to people in underrepresented markets such as Kenya, Tanzania, India, and the Philippines.The app also acts as a lender and has granted more than $225M in microloans as of 2018.
In April 2018, the app secured $65 million in funding from Female Founders Fund, Lowercase Capital and Revolution Capital, among others. Its total funding is over $105 million.
Prior to founding Tala, Siroya worked for the UN Population Fund.She also worked at Citi, UBS and Credit Suisse in microfinance jobs.
Siroya was educated at the prestigious Wesleyan University before proceeding to the highly exclusive Columbia University to pursue a Masters Degree in Econometrics, Quantitative Economics and Health Economics.
Siroya has grown the company into a 600-person team that’s delivered more than $1 billion in small loans to consumers and small businesses. And now, Tala’s valuation is closer to $1 billion.