BQ Reporter 
Fintech startup, Tala Friday announced a USD 145 billion ( Shs 16.1 Billion) Series E fundraise raising the technology firm’s total funding to more than USD 350 million( Shs 38.8 Billion).
In a statement, the firm said the funds will among others, be used to develop the first mass-market crypto product for emerging markets, advancing a core promise of digital currency ecosystems by making more affordable and equitable financial tools available to populations that can benefit the most from the crypto economy.
The fundraise was led by Upstart with participation from the Stellar Development Foundation. New investors Kindred Ventures and the J. Safra Group, along with existing investors including IVP, Revolution Growth, Lowercase Capital, and PayPal Ventures.
Tala said the investment will also be channeled towards the rollout of its new financial account experience, which provides customers with fresh tools to borrow, save and manage their money.
“Tala’s evolved account will offer an expanded range of personalized credit options, including longer-term loans and credit that can be configured to match customers’ income cycles,” the statement read in part.
Ivan Mbowa, East Africa Managing Director, Tala said the new investment will accelerate the firm’s path to becoming the primary financial account for the global underbanked and helping millions more people make progress in their financial lives.
“We are excited to build upon the incredible foundation we have established as one of the most customer-centric, inclusive and most loved fintech brands in Kenya” he said .
As part of this fundraise, Paul Gu, co-founder of Upstart and Denelle Dixon, CEO and Executive Director of the Stellar Development Foundation joined Tala’s board of directors.
“Tala has spent the past seven years delivering critical and valued services in markets where the financial system is fundamentally broken for millions of people,this new investment will accelerate our path to becoming the primary financial account for the global underbanked and helping millions more people make progress in their financial lives. Paul Gu and Denelle Dixon are visionary leaders who share our commitment to building a financial system that works for everyone and we are thrilled to welcome them to the team.” Shivani Siroya, the firm’s founder and CEO added.
