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
2018.08.23
ANA BLUE WINGさんの写真
Start at Just $10. “The point of credit is leveraging your income to improve your quality of life,” Shivani Siroya, Founder & CEO, says of her company Tala. A recent TechCrunch article highlighted a Tala success story of two young Kenyans, Peris and Betsy, who used Tala to launch a clothing business. The two girls downloaded the mobile app, and within minutes received loans totaling about $15, which they were able to invest in their business and grow to 7000 shillings (approx. $69.90) by the end of the month. Tala has already distributed nearly $300 million in loans to 1.3 million borrowers. “We want to start at $10 because we realize that 70% of our customers are using this for working capital. They’re small business owners. That’s really the gap in the market,” says Shivani. Photo:Shivani At TechCrunch Disrupt NY 2017 https://tcrn.ch/2vKHDVG https://www.ana-bluewing.com/en/changemakers/shivani_siroya/ #shivani #ANABLUEWING
ANA BLUE WING
2018.08.18
ANA BLUE WINGさんの写真
Solving Problems by Starting Companies. “I never thought I would be an entrepreneur, I really set out to solve a problem,” Shivani Siroya, Founder & CEO of Tala, told CGTN America at the 2018 Forbes Women’s Summit. Tala is providing financial access to over 3 billion people around the world and has made Forbes' Fintech 50 2018 list of disrupters through their innovative mobile lending service. The mobile application can instantly credit score someone with data readily available on their phone and serves as a lender. Shivani stated that Tala's mission is "expanding financial access, choice, and control for the underserved globally”. Photo:Forbes PR on Twitter https://twitter.com/ForbesPR/status/1009104720886226944 https://www.ana-bluewing.com/en/changemakers/shivani_siroya/ #shivani #ANABLUEWING
ANA BLUE WING
2018.08.14
ANA BLUE WINGさんの写真
Shivani’s Guest Speech at Forbes Women's Summit June 19th, 2018. “When you want to stand for something, you actually have to be willing to give other things up.” Shivani Siroya, Founder & CEO of Tala, explained at the Forbes Women Summit, where she spoke about the foundation and mission-driven culture of her company. Forbes Magazine describes Tala as "funding developing-world business owners who would usually be considered too risky by the traditional standards of credit bureaus or who would not be tracked at all" and considers the company amongst their Fintech 50 2018 list of disrupters “with $109 million raised and $4.5 million loans initiated, with a repayment rate of 90%.” Photo by Nicholas Hunt/Getty Images https://www.ana-bluewing.com/en/changemakers/shivani_siroya/ #shivani #ANABLUEWING
ANA BLUE WING
2018.08.14
ANA BLUE WINGさんの写真
Shivani Message to Tala Family. On July 4th (U.S. Independence Day) Shivani Siroya, Founder & CEO of Tala, reflected on the opportunities she’s had to raise the capital to start and grow Tala. "Not everyone has the freedom and resources that I’ve had, which is why Tala’s mission and promise to you is to help put financial freedom within reach… every day we take a radical approach to delivering financial products, services, and experiences that enable you to create the life you want." Tala is a global team solving a critically important problem: opening financial access to billions of people around the world. Photo: From Shivani's Instagram https://www.instagram.com/shivsiroya/ https://www.ana-bluewing.com/en/changemakers/shivani_siroya/ #shivani #ANABLUEWING
ANA BLUE WING
2018.08.13
ANA BLUE WINGさんの写真
Tala’s Open Letter About Diversity. "Those of us who want change, in the world or in our industries, need to rebuild systems from the ground up, so that everyone is starting from an even playing field, with the same opportunities to get ahead." Shivani Siroya, Founder & CEO of Tala, explained in a recent article addressing diversity challenges in the tech industry, which included an open letter on diversity and equity from Tala. "We know that we need to actively seek the ideas on the margins, the unique perspectives, and give them a seat at the table, a chance to be realized. We need to build an environment where people can be their most authentic selves and reach their full potential.” https://tala.co/diversity-equity-openletter https://www.linkedin.com/pulse/inclusion-isnt-enough-solve-our-industrys-diversity-shivani-siroya/ https://www.ana-bluewing.com/en/changemakers/shivani_siroya/ #shivani #ANABLUEWING
ANA BLUE WING
2018.07.08
ANA BLUE WINGさんの写真
Shivani Siroya: Challenging Financial Gaps to Make the Global Economy More Prosperous. The "Tala" app is an original credit research system that makes use of over 10,000 data points sleeping on a person's smartphone to assess borrowing potential and create a credit score. Tala's mission is to provide financial products that will enable the more than 2.5 million people who do not have a credit score in today's emerging marketplace to improve their lives. https://www.ana-bluewing.com/en/changemakers/shivani_siroya/ #shivani #ANABLUEWING

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