Popular mobile loan company Tala has been named on the list of Disruptor Companies of 2022 by business-focused media house CNBC.
Tala was founded in 2014 by CEO Shivani Siroya and has its headquarters in Santa Monica, California. The fintech startup has so far raised $362.1 million in funding.
Tala extends microloans ranging from $10 to $500 to individuals in growing economies which has seen Asia, South America and Africa become one of its largest markets.
Using machine learning, the firm is able to track user data from an Android app and create a credit profile. Data collected is used to evaluate user behaviour and calculate risk.
The lender is among the leading facilitators of mobile loans in Kenya, with users rushing to the app for quick credit facilities approved within minutes.
The fast-growing fintech raised $145 million in Series E funding in October last year aiming to expand its borrowing, savings and money management tools. Tala reported at the time that it had provided loans worth over $2.7 billion to more than six million people.
“From the very beginning we’ve been very intentionally focused on building a global platform that’s truly scalable across these regions, but that also has the ability to be localized,” Siroya told CNBC.
The list of CNBC that names Tala as one of the 50 disruptors of 2020 has 41 companies that are unicorns. Companies on the list are building solutions in several fields including, education, insurance, finance, healthcare, logistics, mobility and many more.