California-based financial services firm – Tala – has raised $ 145 million in a Series E funding round to provide cryptocurrency solutions to developing countries. This brings its total funding to over $ 350 million from investors such as PayPal Ventures, GV and Revolution Growth.
Turn to crypto
According to a CNBC report, the financial services provider – Tala – plans to use the funds to expand its borrowing, savings and money management opportunities to the following emerging countries: the Philippines, Mexico, the ‘India and Kenya. The company also intends to offer crypto offerings.
Shivani Siroya – Founder and CEO of Tala – noted that the COVID-19 pandemic was a wake-up call for her business to add more services in addition to traditional services:
“During the pandemic, we saw the need for more than credit and rolled out products beyond credit, underscoring the account experience which we are now excited to accelerate.”
Tala primarily focuses on underbanked customers. According to Siroya, the company has loaned more than $ 1 billion to millions of customers, believing that digital assets have the potential to improve financial transactions:
“So we’re really looking to make sure they have a safe place to use their money more efficiently, and that’s what we’re thinking about when it comes to crypto: how can we use this technology to really get us. ensure that we are supporting the essential movement of money.
The partnership with Visa
Earlier this year, Tala made its first interaction with the cryptocurrency industry by partnering with multinational financial services firm – Visa – and peer-to-peer payment technology firm – Circle. Their goal was to provide the underbanked with the ability to buy, sell and store USDC stablecoin.
Under the terms of the collaboration, Tala would keep the acquired USDC in its digital wallet, which users could then convert into other cryptocurrencies or fiats. In turn, Visa has given customers access to the payment provider’s credit card, allowing them to spend stablecoins at all merchants that accept these cards.
At the time, Siroya once again praised the potential of blockchain technology, which could solve global financial inclusion issues:
“Digital currencies have enormous potential to radically open up financial access and put more control directly into the hands of the underbanked and underestimated.”
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