PayPal Inc has made a strategic investment in Tala to further its mission to deliver financial access to more underserved consumers around the world.
Mark Britto, PayPal Senior VP and GM of Global Credit said: “Tala shares our vision of re-imagining financial services, especially for the unbanked and those underserved by the traditional financial system.”
The undisclosed investment according to Tala CEO and Founder Shivani Siroya would further the mission to reach more consumers and deliver the financial access, choice and control to more people.
“Tala is driven by the belief that all people deserve to be seen, understood and trusted by the global financial system, and our goal is to leverage data and technology to help them prove their potential,” said Siroya.
Proud to share that @PayPal has joined Tala as an investor in our mission to unlock financial access, choice, and control for billions around the world. @reuters covers details here. Onward! ?#TeamTala https://t.co/2VeD9ZuJli
— Shivani Siroya (@shivsiroya) October 23, 2018
Tala currently operates in Kenya, Tanzania, the Philippines, and Mexico, and has launched a pilot in India.
“Excited to have PayPal as an investor to advance our mission! I’m proud to work in a team where I get to leverage data and technology for good!” said Rose Muturi, Regional Manager, East Africa.
In 2018,Paypal partnered with Safaricom’s MPESA to offer an efficient way to pay and cash out.
Inline with Paypal’s 2018 Third Quarter Earnings, “We are partnering with many of the biggest names in commerce, retail, technology, and finance. We are extending our leadership in mobile and furthering our mission to democratize financial services and commerce capabilities for merchants and consumers around the world.”