BLUE WING -WINGS FOR CHANGE- 「The fight to solve economic inequalities A new way to finance to those in need」

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Shivani Siroya

Shivani and her team built the Tala app, a new system to measure credit scores using 10,000 mobile data points on smartphones. The mission is to reach the more than 2.5 billion people in emerging markets without credit scores to provide financial services that can advance their daily lives.

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Shivani Siroya

STORY OF CHANGEMAKING

How do you build trust in an emerging market?
By listening to how over 4,500 people spend their money.

imageI started my career in investment banking and soon got interested in microfinance. When I began working in the field, I realized that although microcredit helps many people, most loan products did not cater enough to the need of the borrowers. The borrowers did not have much choice or freedom over their loans or control over their future.

After I studied econometrics and health economics, I became an analyst for the United Nations Population Fund. I interviewed over 4,500 people to learn more about where their money obtained through microloans went and how they made financial decisions. I became like a walking ledger sheet – I studied every detail of their earnings, needs and expenditures during my research. This was a life-changing experience for me.

The first step to finding a solution:
The start of InVenture (currently Tala)

imageThere were two things I noticed during my research. First, people who only use cash on a daily basis cannot establish any credit. This means they lack the ‘financial identity’, a credit score. Second, traditional credit scoring models do not take non-financial indicators into account, such as their lifestyles and behaviors.

Through my research, I figured out the type of people who could be candidates for financial loans – but there were no financial product on the market for them. The banks did not have the time or the resources to get the depth of information I gained through hours of research. When I thought about creating a new system that could show their reliability, I realized that the solution was in mobile phones, specifically, smartphones.

Smartphones: The best place to look for personal big data.

imageEager to find a solution, I returned to the U.S. and started working again at an investment bank for about a year. I also began building a prototype for the Tala smartphone app. Using LinkedIn, I reached out to over 1,500 people who could provide help or support. I was lucky enough to connect with many people and institutions that gave me great advice.

Determined, I left my position and started my own company in 2012. Luckily, we immediately received our initial round of funding, and by 2014, developed our first smartphone app, Tala. Tala uses over 10,000 data points to analyze information on smartphones to calculate credit scores. In Kenya, users were now able to take out an instant loan of 500 USD, paid to their mobile bank account. Currently, more than 10 million USD in loans have been given to over 120,000 people.

Globally, there are 2.5 billion people who do not have credit scores. Their lack of financial identity denies access to credit or other financial products that can improve their livelihood. On the other hand, in the emerging markets, more than one billion smartphones are in service. Through Tala, users can get credit scores to gain access to loans, insurance and other financial services. Users will also be able to make sound financial decisions through this app. Our new service can give someone a new life.

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PROFILE

Portrait of Shivani Siroya

Shivani Siroya

Shivani Siroya is a fintech entrepreneur and founder/CEO of Tala, which works in emerging markets to help anyone with a cell phone build a financial identity. The Tala smartphone app accesses 10,000 data points per customer to create an instant credit score, allowing users access to financial services. Tala has already disbursed millions of dollars in capital to hundreds of thousands of customers in East Africa and is rapidly expanding its services throughout Africa and Asia.

Prior to founding Tala, Shivani held a variety of positions in global health, microfinance, and investment banking, including with the United Nations Population Fund, Health Net, Citigroup and UBS. Shivani is a 2016 Aspen Institute Finance Leader Fellow, 2016 WEF Young Global Leader, 2015 Senior TED Fellow and 2013 Ashoka Fellow. Holds a M.P.H from Columbia University and a B.A. from Wesleyan University.

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ANA BLUE WING
2020.03.06
ANA BLUE WINGさんの写真
Tala's 2019 Year in Review and What's Next ANA BLUE WING has been supporting Shivani Siroya and Tala. A recap of 2019 featured on Tala's website described the year as one "of growth and learning” while the team created new experiences for customers and achieved new milestones. 2020 is expected to bring some exciting new initiatives including: "Launching our financial coaching program globally… we are looking forward to introducing more personalized offerings to our customers worldwide. Scaling community initiatives. Around the world and especially in our markets, people thrive in relationship capital. In 2020, we’ll increase our focus on creating spaces and forums for our customers to engage and thrive, together! Meeting new customers in new places. There are over 2 billion people around the world who are financially underserved. We can’t wait to reach more of them!" https://tala.co/blog/2019/12/21/tala-2019-our-year-in-review/   For more information about Shivani’s projects, please visit our website, click here. https://bit.ly/2wllOA0 #shivani #ANABLUEWING
ANA BLUE WING
2020.03.04
ANA BLUE WINGさんの写真
Tala's Impact and Success Featured in Forbes ANA BLUE WING has been supporting Shivani Siroya and Tala who are offering financial access for 3 billion underserved globally. A recent article featured on Forbes.com shared some exciting examples as to how Tala is tackling a $100 trillion opportunity by providing banking to the world's poor. "Companies like Tala are at the forefront of the race to deliver rudimentary financial services to the 1.7 billion people on the planet who lack even a bank account... With access to the financial system, people can buy a car or a home. They don’t have to resort to loan sharks if they face a medical emergency." https://bit.ly/32Eczah   For more information about Shivani’s projects, please visit our website, click here. https://bit.ly/39mE6Q0 #shivani #ANABLUEWING
ANA BLUE WING
2020.02.20
ANA BLUE WINGさんの写真
Shivani's Journaling ANA BLUE WING supports Changemakers and their dreams to make this world better by subsidizing their airfares. Shivani Siroya is one of the Changemakers BLUE WING supports. A recent article on Medium explains how Shivani's "journaling obsession" has helped turn her organization Tala into an $800 million business. It also showcases how a well-developed capacity for reflection has played a crucial part in Shivani’s success. https://bit.ly/38CPhDS Photo: ©︎Graham Walzer from Marker (Online Media from Medium)   For more information about Shivani’s projects, please visit our website, click here. https://bit.ly/37zWFP3 #shivani #ANABLUEWING
ANA BLUE WING
2019.12.23
ANA BLUE WINGさんの写真
Tala Community With the recent celebration of five years of serving customers in Kenya, Tala released a new platform in their app called “Tala Community”. Starting off originally as a small Facebook group, where customers could share updates about their successful businesses, families, and pursuit of their dreams, the new platform carries the same spirit and serves as "digital space where customers can access free financial education courses and learn from one another" in a "space to connect, learn, and grow".   For more information about Tala’s projects, please visit our website, click here. https://bit.ly/2Q22cHb #shivani #ANABLUEWING
ANA BLUE WING
2019.12.24
ANA BLUE WINGさんの写真
The Importance of Inclusion During Financial Inclusion Week 2019, Shivani tweeted at length regarding the importance of inclusion. The following excerpts share her personal thoughts behind it: "Rather than adding people to a broken system, financial equity is about enabling financial health & building a world where every person is equipped with the financial tools & knowledge to build the lives they want... but this can’t happen in a vacuum. Getting there requires holistic systems change; it’s both in equipping the individual and creating flexible infrastructure with the broader ecosystem to enable us all to design for the margins." https://youtu.be/qcpkQgSrhRg   For more information about Shivani’s projects, please visit our website, click here. https://bit.ly/2PY2YFe #shivani #ANABLUEWING
ANA BLUE WING
2019.12.20
ANA BLUE WINGさんの写真
What is Financial Inclusion For? For Financial Inclusion Week 2019, a small group of finance thought leaders took part in discussing key aspects of financial inclusion such as financial health, sustainable development, equity, and the bottom line. Shivani was among these thought leaders and shared an often unconsidered aspect that nevertheless plays a crucial role in people’s lives when it comes to money, especially when serving the underprivileged and underrepresented. "Sometimes we can overlook the emotional aspect of money..." Shivani explained. Along with other metrics, Tala is striving to incorporate this level of understanding into its service.   For more information about Shivani’s projects, please visit our website, click here. https://bit.ly/2PZeTTh #shivani #ANABLUEWING

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