Tala, a California-based financial services company, has raised $145 Million in a Series E round to help provide cryptocurrency solutions for developing countries. It now has more than $350 million in funding from investors like Revolution Growth, GV and PayPal Ventures.
Turning Towards Crypto
CNBC reports that Tala, a financial service provider, plans to use the funds in order to increase its savings and borrowing capabilities to emerging countries like India, Mexico, Kenya, and India. The company also plans to offer crypto offerings.
Shivani Siroya, founder and CEO of Tala, noted that the COVID-19 epidemic was a wake up call for her company to offer more services than the traditional ones.
“During the pandemic we saw the need to have more than credit. We rolled out products that went beyond credit. This highlighted the account experience we are excited to accelerate.”
Tala’s main focus is on customers who are underbanked. Siroya claims that the company has lent more than $1 billion to clients. She believes digital assets can enhance financial transactions.
“So, we are really trying to ensure that they can more efficiently use their money. That’s why we’re considering crypto: How can we use this technology?
Shivani Siroya Source: Twitter
Tala teamed up with Visa, a multinational financial services company, and Circle, a peer-to-peer payment technology company to make its first contact with cryptocurrency. Their goal was to give underbanked people the opportunity to purchase, sell, and store USDC stablecoin.
The terms of the partnership stipulate that Tala would store the USDC it had acquired in its digital wallet. Users could then convert the USDC into fiats or other cryptocurrency. Visa, in turn, gave customers access the payment provider’s card so that they could spend stablecoins at all merchants that accept them.
Siroya once more praised blockchain technology’s potential to solve global financial inclusion problems.
“Digital currencies offer tremendous potential to open up financial access and give more control to the underbanked or underestimated.”
Marla Brooks – Financial Analysis
My name is Marla Brooks, and I am the mainstream behind the”observednews.com” for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.