Tally, a nine-year-old fintech company that helped consumers manage and pay off their credit card debt, has closed down, according to the company.
In a LinkedIn post shared early Monday, founder and CEO Jason Brown said the “sad and difficult” decision to close Tully was not the outcome the company “wanted,” and that it “considered all options” and “was unable to secure the capital necessary to continue operations.” Tully was last valued at $855 million, according to PitchBook, and had 183 employees.
Tally's business model was initially designed to help people manage credit cards and pay off high-interest debt by offering low-interest loans. However, in April, Tally announced it was abandoning its consumer app and moving to B2B. At the time, the company said it would launch in July with a “major publicly traded consumer company with over 50 million users” as its launch partner. However, it never announced the name of the company after that.
TechCrunch has reached out to the company for more details.
Founded in 2015, San Francisco-based Tally has raised $172 million in funding to date. In October 2022, Tally raised $80 million in Series D funding led by Sway Ventures. In 2019, the company raised $50 million in Series C funding led by Andreessen Horowitz, with participation from Silicon Valley powerhouses such as Kleiner Perkins, Shasta Ventures, Cowboy Ventures and Sway Ventures.
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