Tala is another interesting company that provides hi-tech and automatic loans. In many ways, this startup is similar to the ones described earlier:
the initial idea of the company’s founder Shivani SIROYA to start her own business was that “the existing credit system works very poorly”; to assess the creditworthiness, Tala uses its own scoring system, which examines a set of data about the potential borrower, using machine learning technology and big data; the intellectual service works in automatic mode: it investigates, makes a decision, issues loans.
However, some serious differences exist. Tala is a mission-driven, not a profit-driven company aiming to provide access to credit products to those people who are denied by current financial institutions. According to Shivani, only 31% of the world’s population has access to loans, and this situation can be corrected, which is what Tala does.
Since the startup is focused on people in emerging markets, the amount of loans is quite small, averaging $ 50. Their potential borrower is any adult who owns a smartphone. To start communication with Tala, you need to download a mobile application, give it permission to access the data and wait for a verdict.
To verify and evaluate the borrower, the Tala service uses smartphone data and creates a kind of “digital cast” of the user, analyzing his behavior when using programs and applications.
Tala is a company founded by a female entrepreneur, mission-driven and focused on the poor market. Оf course, this startup has proclaimed some ethical principles about the information which is not used to evaluate the borrower: gender, race, sexual identity, religion, place of birth, state of health, political views.
The startup is very attractive for investors, but this is not a “unicorn” like the two described above, but the potential is quite obvious. At the moment, the company is estimated at 109.4 million dollars.
Tala is another interesting company that provides hi-tech and automatic loans. In many ways, this startup is similar to the ones described earlier:
the initial idea of the company’s founder Shivani SIROYA to start her own business was that “the existing credit system works very poorly”;
to assess the creditworthiness, Tala uses its own scoring system, which examines a set of data about the potential borrower, using machine learning technology and big data;
the intellectual service works in automatic mode: it investigates, makes a decision, issues loans.
However, some serious differences exist. Tala is a mission-driven, not a profit-driven company aiming to provide access to credit products to those people who are denied by current financial institutions. According to Shivani, only 31% of the world’s population has access to loans, and this situation can be corrected, which is what Tala does.
Since the startup is focused on people in emerging markets, the amount of loans is quite small, averaging $ 50. Their potential borrower is any adult who owns a smartphone. To start communication with Tala, you need to download a mobile application, give it permission to access the data and wait for a verdict.
To verify and evaluate the borrower, the Tala service uses smartphone data and creates a kind of “digital cast” of the user, analyzing his behavior when using programs and applications.
Tala is a company founded by a female entrepreneur, mission-driven and focused on the poor market. Оf course, this startup has proclaimed some ethical principles about the information which is not used to evaluate the borrower: gender, race, sexual identity, religion, place of birth, state of health, political views.
The startup is very attractive for investors, but this is not a “unicorn” like the two described above, but the potential is quite obvious. At the moment, the company is estimated at 109.4 million dollars.
https://bitnewstoday.com/news/affirm-kabbage-tala-the-big-three-of-online-loans/