Circle and Stellar startup Tala has raised $145m

Circle and Stellar startup Tala has raised $145m

Fintech startup Tala has raised $145m in investment to expand its financial services and develop a cryptocurrency product for emerging markets.

We’re proud to announce we’ve raised $145 million in Series E funding to continue building the world’s most accessible financial services. Welcome @Upstart & @StellarOrg! And thank you @KindredVentures, J. Safra Group, @IVP @revolution @Lowercase & @PayPal https://bit.ly/3voKAtH

The Series E funding round for Tala was led by lending platform Upstart. Other participants include Stellar Development Foundation, IVP, Revolution Growth, PayPal Ventures and Lowercase Capital. Kindred Ventures and J.Safra Group have joined as new investors.

The total funding received by the startup has exceeded $350 million and the market valuation has reached $800 million.

Tala offers financial services to unbanked users through a mobile app for retail lending.

According to the company, more than 6 million people have used the solution. They have borrowed more than $2.7 billion in Kenya, the Philippines, Mexico and India to start or expand small businesses and for consumer needs.

In May 2021, Tala began partnering with Visa to enable customers to pay for goods and services using USD Coin Stablecoin (USDC).

Partners additionally included coin issuer Circle and the Stellar Development Foundation, which is behind the development of the Stellar blockchain project.

"We will use the investment to accelerate the development of our financial account system, which provides tools to save, increment and manage money. We will also be working on one of the first mass-market cryptocurrency products for emerging markets," Tala said.

To recap, cryptopay startup MoonPay has previously raised $400m in its first round of funding at an valuation of $3.4bn.

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