Tala establishes a $48.5 million loan channeling partnership (LCP) with Maya Bank to increase Filipinos' access to financial services
SANTA MONICA, Calif., April 24, 2024 /PRNewswire-PRWeb/ -- Tala, the world's first fintech company for the Global Majority, this week announced its partnership with Maya Bank, the digital bank leader in the Philippines, marking a significant milestone towards bridging the financial gap for millions of Filipinos. This collaboration represents a groundbreaking initiative in the country and the broader Southeast Asian market to channel an unprecedented amount of $48.5 million through independent digital platforms to ensure millions more Filipinos have access to credit.
Since entering the market in 2017, Tala has grown exponentially, having disbursed over $1.5 billion to 2.7 million customers and transformed into one of the biggest digital lenders in the Philippines. By serving nearly 9 million customers across three continents, Tala has unlocked the key to economic power for the world's underbanked—credit.
"We're thrilled to partner with Maya Bank in this endeavor, knowing that their mission and values are well-aligned with Tala's," said Charisse Alvarez, Tala President & Head of Finance, Strategy & Analytics. "We consider this a milestone in our commitment to become an accessible, reliable, and trusted partner to our customers, one that helps them build financial resilience, stability, and ultimately, wealth."
Maya Bank, as a pioneering digital bank in the Philippines, is transforming how money works for Filipino consumers and MSMEs, through innovative and relevant financial services, including savings and deposits. It is expanding its participation in solving for access to credit by partnering with digital lenders who have been working for the same mission—improving access to loans for the unbanked in the Philippines.
According to Angelo Madrid, President of Maya Bank, "We are proud to join forces with Tala, reinforcing our mutual dedication to inclusivity in financial services. This partnership is set to significantly expand the availability of financial solutions for Filipinos, leveraging the latest digital and mobile technologies. Our joint effort is a significant step towards closing the financial access gap, ensuring we meet the everyday financial needs of our customers in this digital age."
This is just the beginning of a journey of serving billions more; 52% of the world's population—almost 4 billion people – still face the financial access gap. As Tala strives to provide access to credit to the Global Majority, partnerships with banks with similar values and mission in Southeast Asia is critical. With Maya's goal to expand its customer base and offerings and Tala's mission to unleash the economic power of the Global Majority, this partnership achieves this mutual alignment, and together, they plan to transform how money works for Filipino consumers.
About Tala
Tala is the world's first financial platform for the Global Majority, bridging digital and cash ecosystems in emerging markets to help more people fully unleash their economic power. Today, Tala processes nearly $200 million in monthly transactions for nearly nine million customers in Kenya, the Philippines, Mexico, and India who use Tala to grow their businesses and financial lives.
Tala has raised capital from visionary investors, including GGV, IVP, Upstart, 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 eight consecutive years.
Tala is operated by Tala Financing Philippines Inc., a licensed financing company with SEC Registration No. CS201710582 and Certificate of Authority No. 1132, and a registered operator of payment system, with OPS Registration No. OPSCOR-2023-0010. Always study the terms and conditions and the disclosure statement before proceeding with any transaction. Tala is regulated by the Securities and Exchange Commission, ([email protected]) and the Bangko Sentral ng Pilipinas ([email protected]).
About Maya
Maya Bank, Inc. (Maya Bank) powers the digital banking experience of consumers and enterprises across the Maya family of products, including Maya all-in-one app, Maya Business, and Maya Center. As a pioneering digital bank, it is transforming how money works for Filipino consumers and MSMEs, through innovative and relevant financial services, including savings, deposits, and credit via Maya.
Maya Bank is the digital banking arm of Maya Innovations, the leading technology company in the Philippines. With Maya Philippines, it is creating Maya, the Philippines' only end-to-end digital financial services platform.
Maya Bank is a digital bank supervised by the Bangko ng Pilipinas (BSP). Deposits are insured by the Philippine Deposit Insurance Corporation (PDIC) up to ₱500,000 per depositor. For more information, visit www.mayabank.ph.
Media Contact
Makiyah Ruggieri-Vesey, Tala, 1 4156191179, [email protected], tala.co
SOURCE Tala
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