US fintech Tally to shut down after failing to secure “necessary funding” to continue operations
US-based fintech start-up Tally is shutting down, with founder and CEO Jason Brown saying the company has been “unable to secure the necessary funding to continue our operations”.
Tally to shut down after failing to secure new funding
Announced via a LinkedIn post, Brown explains that “after nearly nine years of helping people manage and pay off their credit card debt, we have made the difficult and sad decision to shut down Tally”.
Brown adds that the decision “was not the outcome we had hoped for” and that the firm explored “all options”, but unfortunately it was unable to raise the required funding to continue functioning.
The fintech had previously secured $80 million in a Series D funding round led by Sway Ventures in 2022. According to TechCrunch, the company has raised $172 million to date and was last valued at $855 million.
Founded in 2015 and headquartered in San Francisco, Tally, with its 183 employees, claims to have developed the first automated debt manager designed to help individuals overcome credit card debt and save on interest payments.
The firm’s platform automated credit card management by monitoring balances and due dates and offered a line of credit, debt management, and late fee protection.
“While this is the end for Tally, our expectation is that it is not the end of our mission. The need for financial tools that truly help people is as critical as ever. I hope that what we started with Tally will inspire others and influence new ideas and approaches to managing debt,” Brown adds.
FinTech Futures has contacted the company for additional information.
