Anika Begay
Tally, a nine-year-old fintech that helped consumers manage and pay off credit card debt, has closed its doors, the company said.
In a LinkedIn post shared Monday morning, founder and CEO Jason Brown said the “sad and difficult” decision to close Tally was not the outcome the company had “hoped for,” but that “after exploring all options,” it was “unable to secure the funding necessary to continue our operations.” Tally was last valued at $855 million and had 183 employees, according to Pitchbook.
Tally’s model was initially designed to help people manage their credit cards and pay off high-interest debt through a lower-interest loan it offered. But in April, Tally announced it was shutting down its consumer app and moving into B2B. At the time, the company said it had a launch partner, a “large publicly traded consumer company with more than 50 million users” that would launch in July. However, it never followed up with an announcement naming the company.
TechCrunch reached out to the company for more details.
Founded in 2015, San Francisco-based Tally has raised $172 million in funding over the years. In October 2022, Tally raised an $80 million Series D led by Sway Ventures. Andreessen Horowitz led its $50 million Series C round in 2019, which also included participation from Silicon Valley big names like Kleiner Perkins, Shasta Ventures, Cowboy Ventures, and Sway Ventures.
Want more fintech news delivered to your inbox? Subscribe to TechCrunch Fintech Here.
Want to reach out to me with a tip? Email me at maryann@techcrunch.com or message me on Signal at 408.204.3036. You can also send a note to the entire TechCrunch team at tips@techcrunch.com. For more secure communication, Click here to contact uswhich includes SecureDrop (instructions here) and links to encrypted messaging apps.
