The world runs on credit. Credit allows restaurant owners to open for business, families to buy houses, or students to pay for college. And yet, for many, building credit is impossible. The traditional financial system in emerging markets can’t serve individuals who have little identity information or credit history. Local lenders sometimes provide capital, but often charge exorbitant rates or penalties that further a cycle of stagnation.
Currently operating in Mexico, Kenya, India and the Philippines, Tala's fintech platform exists to provide affordable credit to those who have little or no access to capital. Using more than 10,000 mobile data points per customer, Tala underwrites an individual’s creditworthiness and creates a score where it previously didn’t exist. With this score, the startup provides financial access, choice and control to underserved people. Tala’s team aims to expand to address unmet needs for credit worldwide, creating financial opportunities for disadvantaged communities everywhere.