Maya Bank lends P2.75 billion to fintech firm Tala
![Maya Bank lends P2.75 billion to fintech firm Tala](https://media.philstar.com/photos/2024/04/26/12_2024-04-26_18-31-26.jpg)
MANILA, Philippines — Philippine digital lender Maya Bank has signed a loan channeling partnership with global financial technology firm Tala, providing P2.75 billion of loan capital to the fintech company.
“We are thrilled to partner with Maya Bank in this endeavor, knowing that their mission and values are well-aligned with Tala’s,” said Charisse Alvarez, president and head of finance, strategy and analytics at Tala.
“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,” Alvarez said.
Tala has grown significantly since entering the Philippine market in 2017, disbursing over P85.32-billion loans to around 2.7 million customers.
The fintech company, operated by Tala Financing Philippines Inc. and licensed financing company with the Securities and Exchange Commission, is also serving nearly nine million customers across three continents.
Meanwhile, Maya Bank aims to transform credit for Filipino consumers and micro, small and medium enterprises (MSMEs) through innovative financial services.
“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,” Maya Bank president Angelo Madrid said.
“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,” Madrid added.
Tala earlier said it processes nearly $200 million in transactions each month for more than eight million customers in the Philippines, Kenya, Mexico and India.
Tala had raised nearly $500 million in equity and debt from investors, including Upstart, Stellar Enterprise Fund, RPS Ventures, J. Safra Group, IVP, Revolution Growth, Lowercase Capital and PayPal Ventures.
As of 2023, Maya has become one of the leading digital banks in the Philippines, attracting about three million depositors in its fold. The bank manages around P25 billion worth of deposits.
Maya is also becoming a preferred lender among Filipinos, disbursing over P22 billion in loans to consumers and enterprises. Moreover, Maya holds the largest market share of 49 percent of digital payments processed with QR Ph, the QR code standard in the Philippines for cashless transactions.
Maya serves as one of the six players in digital banking operating with a license from the Bangko Sentral ng Pilipinas.
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