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PayPal backs emerging markets lender Tala

LAS VEGAS: PayPal Inc Holdings Inc has made a strategic investment in Tala, a financial technology startup that lends to underserved consumers in emerging markets, the companies said on Monday. The companies declined to disclose the amount of the investment, but Tala said it will use the funding to further develop its product and broaden its reach. Based in Santa Monica, California, Tala lends to individuals in Kenya, Tanzania, the Philippines, and Mexico through its smartphone app. The company has lent more than $500…