Shivani Siroya is an Indian-American entrepreneur who has been changing the microfinance industry through her innovative startup, Tala.
Shivani Siroya’s Tala has been a game-changer in the microfinance industry, providing access to credit to underserved markets through innovative technology.
Her entrepreneurial journey has been driven by a desire to provide financial services to people lacking financial identity. This has been the driving force behind Tala’s success.
Siroya’s inspiration for Tala came from her background in finance, where she previously worked at firms such as Citi, UBS, and Credit Suisse.
Her experience in the finance industry exposed her to glaring inequalities, particularly for underserved markets lacking access to financial services.
Siroya’s entrepreneurial journey began in 2011 when she launched Tala, which serves people in emerging and underserved markets.
The fintech startup created an Android app that offers instant credit scores to individuals in markets such as the Philippines, Kenya, and Tanzania.
The credit score is based on day-to-day data from their smartphones, making it accessible and convenient for people with no financial identity.
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The app offers customized loans between Sh. 1000 and Sh. 50000, which are disbursed directly to the borrower’s mobile wallet.
Education
Siroya also has a rich educational background, having graduated from the prestigious Wesleyan University.
She proceeded to Columbia University, pursuing a Master’s Degree in Econometrics, Quantitative Economics, and Health Economics.
Her academic background and experience in the finance industry have played a critical role in shaping her entrepreneurial journey and in driving Tala’s success in providing access to credit to underserved markets.
Tala’s Success
Tala’s success in providing access to credit to underserved markets is evident in the number of microloans it has granted since its launch.
To date, Tala has disbursed over Sh. 240 billion in micro-loans, with an average loan amount of Sh. 5000 and a repayment rate of over 90%.
Tala’s success has been recognized by investors, with the platform securing $105 million in funding from notable investors such as Female Founders Fund, Lowercase Capital, and Revolution Capital, among others.
Her work experience drove Siroya’s inspiration for Tala at the United Nations Population Fund. She worked with over 3,500 people across nine different countries in sub-Saharan Africa and West Africa.
Her research revealed that hardworking people across the globe were unable to access loans due to a lack of financial identity.
This critical insight inspired her to launch Tala, aiming to provide access to financial services to underserved markets.
Apply for Tala Loan here.
Tala’s impact in emerging markets cannot be understated, particularly in Kenya, where the app was launched in 2014 as Mkopo Rahisi, barely a year after its creation.
The loan app evaluates customers for credit using only the data on their devices and delivers loans customized for each and every individual in minutes.
This revolutionized the lives of many Kenyans who could not access funds in the formal banking system for various reasons.
Siroya’s story is a testament to the impact of technology in transforming people’s lives, and her innovation inspires entrepreneurs who seek to make a difference in the world.
