nine-year-old fintech company called Tally will soon shut down its operations.
Earlier Monday in a LinkedIn post, the CEO and founder of Tally, Jason Brown stated that it was a “sad and difficult” decision for the company and he was not prepared for such a situation. After exploring all the options available, Jason Brown decided to close its doors due to the lack of funding to continue their operations.
“After exploring all options, it was unable to secure the necessary funding to continue our operations.” the CEO stated in the LinkedIn post.
But what does the Tally company do, why is it so famous?
Tally is a company that helps consumers to manage and pay off their credit card debt.
With a San Francisco base, the fintech company Tally was founded in 2015 and has raised $172 million in funding over the years. In October 2022, Tally raised a Series D led by Sway Ventures with a worth of $80 million and a $50 million Series C led by Andreessen Horowitz in 2019.
The last series included the participation of some important names from Silicon Valley such as Kleiner Perkins, Shasta Ventures, Cowboy Ventures, and Sway Ventures.
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The Tally company, according to PitchBook, had 183 employees and was valued at $855 million. It was initially designed to help most people manage their credit cards more easily and to pay off the high-interest debt through a lower-interest loan that they offered.
But in April this year, the fintech company Tally announced that it would close down its consumer app and move to a B2B plan. At that moment they stated that a launching partner was expected to join them, a publicity-traded consumer company that was launching in July. However, the statement was not followed by some official announcement about this partnership.
According to TechCrunch, they reached out to the company to obtain more details and information about this situation but until now they didn’t offer a response.
We are waiting for other details and announcements about Tally's situation and how things will evolve in the coming time.
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