Tala

Tala is addressing this shut-out segment with an innovative model to assessing eligibility for a loan. Focusing on behavioral data tracked through its Android app, it creates a custom credit profile by analysing a customer's texts and calls logs, merchant transactions and overall app usage. Its machine learning algorithms then evaluate individual risk and provide instant loans.

More than 2 million people in emerging markets in countries such as India and Kenya have borrowed through Tala. The business has lent over $1 billion to consumers to date and is now scaling up its operations in India. It does face competition from the likes of Branch, but has nonetheless made promising strides thus far.