How Stellar’s $40M Investment In Tala Will Give Millions Access To Financial Services
October 14 2021 - 6:00PM
NEWSBTC
The Stellar Development Foundation (SDF) has made a fresh bet on
the financial services sector. According to a press release, the
institution participated in a $145 million series E for Tala. A
global technology company working on providing millions of people
with access to lend, borrow, and other financial services Tala
reached an over $350 million funding with support from the SDF and
its Enterprise Fund, Upstart, and others. Related Reading | Stellar
Network To Power New Savings API Launched By Wyre Launch in 2020,
the SDF’s Enterprise Fund provides support, in U.S. dollar or XLM,
to payments companies with a cross-border approach, companies that
provide financial inclusions in emerging markets, access to
tokenized assets, and other criteria. The fund was launch with the
objective of investing in companies capable of bringing real world
use case and contribute with the Stellar ecosystem. Tala will use
the funds to create a crypto product to attract mass adoption
especially oriented to developing countries. In these countries,
over 3 billion people lack options to participate in the global
financial sector. Thus, Tala will leverage cryptocurrencies, mobile
technology, and data science to provide people with tools to
increment their wealth and achieve economic independence. Related
Reading | Stellar To Introduce AMM Functionality, What This
Means For Its Ecosystem Denelle Dixon, CEO and Executive Director
for the Stellar Development Foundation, claimed that their
investment in Tala represents their confidence in the company’s
potential. Dixon added: Joining forces with Tala to improve access
to financial services for millions of people in emerging markets is
exactly aligned with our mission at Stellar Development Foundation.
Since the Stellar network leverages interoperability with the
world’s existing financial systems, Stellar and Tala technology
together are a powerful tool to bridge gaps for those who have been
left out. Stellar New Partnership And A Future Of Financial
Inclusion The CEO and Founder of Tala Shivani Siroya said the
following on their progress over the past years, trying to improve
the traditional financial system, and their future: This new
investment will accelerate our path to becoming the primary
financial account for the global underbanked and helping millions
more people make progress in their financial lives. Paul Gu and
Denelle Dixon are visionary leaders who share our commitment to
building a financial system that works for everyone and we are
thrilled to welcome them to the team. The Co-Found and Head of
Product at Upstart Paul Gu claimed that Tala has begun to solve one
of the most important issues for consumers in the developing world
by providing with access to financial services. Gu said: Upstart
shares Tala’s belief that technology is the key to unlock access
for the underserved, and we’re excited to support them in serving
the next 1 billion people entering the financial system. As NewsBTC
reported yesterday, Stellar has been making relevant developments,
getting major partners such as payment giant MoneyGram, and
investments in 2021. This network ecosystem seems to be growing as
the year ends. This has translated into positive performance for
Stellar’s native asset XLM. Over the past 2 weeks, this
cryptocurrency has been one of the best performing assets in the
crypto top 25 with a 35.7% profit. Related Reading | Stellar
Development Foundation Takes Part In Abra $55 Million Series C
Funding In lower timeframes, as Bitcoin (BTC), Ethereum (ETH), and
the rest of the cryptocurrencies in the top 10 move sideways, XLM
records a 2% and 3.5% profit in the daily and weekly charts,
respectively.
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