No bank, no credit history, no problem. Start-up uses mobile data to assess creditworthiness
The start-up has raised nearly $220 million from private investors to offer loans of up to $500 to people without credit histories or bank accounts.
"Having proven the model works, the challenge now is to continue to scale the business and expand into new markets," saidA world without credit scores "Emerging markets are traditionally looked at as risky, and thus not holistically served by traditional banks, and that's the opportunity we're chasing," says Siroya., that country's version of Apple pay.
The first thing the app determines is fraud. Are you who you say you are? The app matches customers' input with records of their phone bills or utilities bills, accessed via text messages on the customer's phone. When a customer passes the fraud test, the model runs a credit test to assess the user's capacity and likelihood to repay.
Once a customer has taken a loan, repayment behavior is the most important factor for future lending decisions, according to the company. "From a starting loan of 1,000 pesos, I've now achieved gold status with Tala," which is reserved for Tala's best borrowers, Dingle said. In two years she's raised her loan limit to over $200.funding along with a $100 million debt round, a typical funding round for a digital lender. To date, Tala has raised $219.4 million in funding from investors like GGV, Institutional Venture Partners and PayPal Ventures.
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