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Providing better financial access to people who don’t have very much money remains one of fintech’s thorniest challenges. But smartphone lending startup Tala has put a $2 billion dent in the problem. That’s how much credit Tala has extended to more than 5 million customers in Mexico, India, the Philippines, and Kenya—where it’s the country’s largest nonbank lender. Tala’s loans come in amounts of roughly $10 to $500, and most are approved in under 10 minutes. Founder Shivani Siroya worked in banking before founding her startup in 2011; now, at age 38 (and a member of Fortune’s 2020 40 Under 40), she has grown her company into a near-unicorn. It was reportedly valued at around $700 million last summer, after raising a $110 million Series D funding round from investors including PayPal, Steve Case’s Revolution, Chris Sacca’s Lowercase Capital and Data Collective.

Company information

Country
U.S.
Headquarters
Santa Monica, Calif.
CEO
Shivani Siroya
No. of employees (approximate)550
Investors
PayPal, RPS Ventures, Revolution, Lowercase Capital
Web addresshttps://tala.co