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Tally Technologies
American Finance Company From Wikipedia, the free encyclopedia
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Tally Technologies, Inc. (or simply Tally) was a San Francisco, California-based American financial services company founded by Jason Brown and Jasper Platz in 2015.[1]
The company's smartphone app helps its users pay down their credit card debt, based on an analysis of their personal financial profiles and a new line of credit it provides with a lower interest rate.[2] The app also manages credit card payments, allowing its users to avoid credit card late fees.[3]
Tally earns revenue by charging interest when a user carries a balance.[2] The company does not charge annual, balance transfer, late, prepayment or insufficient funds fees, and generates revenue only when it charges a lower APR than its users' credit cards.[4][5]
Tally Technologies ceased operation and laid off its entire staff in August 2024.[6] At that time, it had 183 employees and was valued at $855 million, with its headquarters located in San Franciso's Potrero Hill neighborhood.[6]
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Founders and Investors
Jason Brown and Jasper Platz, who previously founded Gen110, Inc., a solar energy company funded by Kleiner Perkins Caufield & Byers,[7][8] started Tally in 2015.[3] Brown and Platz realized that since credit card annual percentage rates (APRs) are typically 15 to 20 percent[2] and late fees are common,[9] there was an opportunity to make credit cards "less expensive and easier to manage."
In June 2015, Tally received $2 million in seed funding led by Aileen Lee at Cowboy Ventures,[3] with participation from Accelerate IT Ventures (AITV) and Sherpalo Ventures.
In May 2016, the company secured a $15 million Series A round led by Sean Flynn at Shasta Ventures, with participation from existing investors, as well as Silicon Valley Bank (Nasdaq: SIVB).[4]
In July 2018, Tally announced it raised an additional $25 million in venture capital funding from Kleiner Perkins and existing investors Shasta Ventures, Cowboy Ventures and Sway Ventures.[10]
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Features
Tally pays its users' credit card debt with a line of credit provided by the company. The user makes one monthly minimum payment to Tally.[2] To determine eligibility, the user scans their credit cards through the app and agrees to a soft credit check.[3] The new credit line is a revolving account and is available to customers with at least a 660 FICO credit score.[5] Tally also offers the feature of sending payments automatically, so that users can pay their bills on time.[11]
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References
External links
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