Shivani Siroya is the CEO and founder of Tala, a company is tackling a massive problem: there are 3 billion people around the world that are currently underserved from financial servicesâ€”they donâ€™t have bank accounts, access to formal credit options, traditional loan products, small business loans, or insurance products. Tala makes micro-loans in Kenya, Tanzania and the Philippines by using a personâ€™s smartphone, transactions, and app usage to figure out if they are creditworthy. To evaluate creditworthiness, Tala built an Android app that scores would-be borrowers in 20 seconds by using data on their phone. In addition, they make a credit decision to lend money in that 20 second timeframe and acts as the lender. Tala dynamically prices between 5%-11% for the term, which is dramatically lower than the average APR in these markets, which is 350%. In this episode, Siroya describes how she pioneered this new form of micro-lending.
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