Tala, a Santa Monica, Calif. Based startup that is building a credit profile to provide unsecured loans to millions of people in emerging markets, has raised $ 110 million in a new round of funding to enter in India’s booming fintech space.

The five-year startup’s Series D funding was led by RPS Ventures, with GGV Capital and previous investors IVP, Revolution Growth, Lowercase Capital, Data Collective VC, ThomVest Ventures and PayPal Ventures also participating in the round.

The new round, which brings the startup’s total fundraising to over $ 215 million, valued it at over $ 750 million, someone familiar with the matter told TechCrunch. Tala also raised additional debt of $ 100 million, including a $ 50 million facility led by Colchis in the past year.

Tala Examines a customer’s SMS and call logs, merchant transactions, overall app usage, and other behavioral data through their Android app to build their credit profile. Based on this information, its machine learning algorithms assess individual risk and offer instant loans ranging from $ 10 to $ 500 to clients.

This model is different from how banks and most other online lenders assess a person’s eligibility for a loan. Banks look at a user’s credit score while most online lenders check financial history.

Tala is also much faster. It approves loans in minutes and remits the money through mobile payment platforms. The startup has loaned more than $ 1 billion to more than 4 million customers to date, compared with $ 300 million in loans to 1.3 million customers last year, Shivani Siroya, founder, told TechCrunch. and CEO of Tala.

The startup, which employs more than 550 people, will use the new capital to enter India, said Siroya, who built Tala after interviewing thousands of small and micro-businesses.

Ahead of its launch in India, Tala last year launched a 12-month pilot program in the country to conduct user research and understand the market. It has also set up a tech hub in Bangalore, she said.

Shivani Siroya (CEO of Tala) at TechCrunch Disrupt NY 2017

“The opportunity is very big in India, so we spent time customizing our service for the local market,” she said.

According to the World Bank, more than 2 billion people worldwide have limited access to financial services and working capital. For these people, many of whom live in India, getting a small loan is extremely difficult as they have no credit score.

In recent years, several large digital payment platforms in India, including Paytm and MobiKwik, have started offering small loans to users. Traditional banks are still lagging behind in serving this segment, according to industry executives. (Outside of India, Tala competes with Branch, a five-year-old San Francisco-based startup that has raised more than $ 170 million to date and signed a deal earlier this year with Visa.)

Tala goes one step further and takes responsibility for any unpaid returns, Siroya said. Over 90% of Tala users pay off their loan within 20-30 days and are repeat customers, she added.

The startup also passes on credit history and positive ratings to local credit bureaus to help people get larger, longer-term loans in the future, she added.

Tala, who charges a one-time fee of just 5% for each loan, relies on referrals and some radio and TV marketing to acquire new clients. “But a lot of these users come because they heard about us from their friends,” Siryoa said.

As part of the new round table, Kabir Misra, founding general partner of RPS Ventures, has joined Tala’s board of directors, the startup said.

Tala said he will use part of his new fund to expand his presence and team in its existing markets – East Africa, Mexico and the Philippines – and also create new solutions.

Siroya said the startup has identified other markets it wants to serve. She did not reveal the names, but said she was considering more countries in South Asia and Latin America.