Tala Mobile is a company that makes micro-loans in Kenya, Tanzania, and the Philippines. The company is based in Santa Monica, CA. They do this by offering a smartphone app that would-be borrowers download onto their cell phones.
The app gives Tala access to
- basic biographical information
- number of people loan applicants contact on a daily basis
- Tala can see the size of the applicant’s network and support system
- where the applicant goes during the day
- whether she pays her bills on time
The company has discovered that a person’s routine habits are more important and meaningful than traditional credit scores. To date, it has loaned almost $20 million to more than 150,000 people.
Shivani Siroya, 33, is the founder of Tala Mobile. She started by lending money given by banks in exchange for data. The loans were from $500 to $5,000.Her greatest regret is that she did not lend her own money from the onset since they were the first in Kenya and India. Tala’s greatest competitor is Branch which came to the market a year after
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