Tala Wallet Soars to One Million Customers Since Launch
Digital wallet gives customers instant access to cash to pay bills, store money and seamlessly send and receive cash
Santa Monica, CA, August 23, 2023 – Tala, the world’s leading money app for the underbanked, announced today that nearly one million Filipino customers are now using Tala Wallet after it formally launched in the Philippines in April of this year. Over 90% of Tala’s first-time customers are also account holders.
Instead of spending hours traveling to banking centers and standing in long lines, Tala Wallet customers can borrow money, store money, pay bills, and send and receive cash instantly and seamlessly — all from their mobile phones. The ability to manage money in real time gives customers the power to take control of their finances while also building financial stability. Tala will add more highly requested services and other new features to its Wallet in the coming weeks to drive even more customer adoption and value. Tala Wallet is expected to be rolled out to other markets in the near future.
“The unprecedented adoption of Tala Wallet demonstrates just how valuable our platform has become to millions of people who need instant access to cash and the ability to manage their money in real time every day,” said Jori Pearsall, Chief Business Officer at Tala. “Giving people safe, flexible and seamless access to capital is a game changer for those striving to invest in their families and achieve their financial goals.”
The World’s Leading App for the Underbanked
There are now more than eight million customers* using Tala’s platform across Kenya, India, the Philippines and Mexico. In the first six months of this year, Tala gained more than 800,000 new customers, a 114% increase compared to the first half of 2022.
The global money platform is now processing nearly $200 million in transactions monthly and totaling more than $100 million in origination per month. The average Tala loan is $150, which is repaid in an average of 25 days.
Tala acquires customers efficiently at scale by giving people instant access to cash. Leveraging AI and a customer-centric approach, the platform maintains a highly loyal customer base which drives business growth — the customer repeat rate is 95%, and repayment rates are above 90%.
*Customers defined as individuals who have signed up for financial services on the Tala platform
Tala is the world’s leading money app for the underbanked, bridging digital and cash ecosystems in emerging markets to help more people fully participate in the global economy. Today, Tala processes nearly $200 million in transactions each month for more than eight million customers in Kenya, the Philippines, Mexico and India who use Tala to grow their businesses and their financial lives.
Tala has raised equity and debt funding from visionary investors, including Kindred, Stellar Enterprise Fund, IVP, Revolution Growth, Lowercase Capital and PayPal Ventures. Tala has been named to CNBC’s Fortune Impact 20, CNBC’s Disruptor 50 list four years in a row, and Forbes’ Fintech 50 list for seven consecutive years.
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