SAN FRANCISCO--(BUSINESS WIRE)--Tally, the financial automation company that pioneered a new approach to addressing the nation’s $900 billion credit card debt crisis, announced today that it has raised $80 million in Series D funding, led by Sway Ventures with participation from Menora Mivtachim. Previous investors Kleiner Perkins, Andreessen Horowitz, Shasta Ventures and Cowboy Ventures also took part in this round. Tally will use the funding to continue to grow the business and further expand its automated debt pay-down system to help members get out of credit card debt, reducing the time and stress it takes people to reach their financial goals. Tally also announced that Ken Denman, a veteran customer-centric technology leader, has joined Tally’s Board of Directors.
“Tally is a true industry innovator for its distinctive use of technology to help more consumers get out of debt, and we look forward to partnering with the Tally team to help expand their product offerings and reach, particularly during a time when credit card balances are nearing all-time highs,” said Denman, General Partner at Sway Ventures. Denman was previously co-founder and CEO of Emotient, Inc., a software technology developer that was acquired by Apple, and has served on the boards of prominent companies including Costco Wholesale Corporation, Motorola Solutions, VMware and Lending Club Inc., among others.
More than 30 percent of Americans have interest-bearing credit card debt, and rates are rising as the Fed works to stanch inflation. In the second quarter of 2022, credit card balances rose by nearly $50 billion — which represents the largest cumulative increase in more than 20 years, according to the NY Fed.
Tally offers automated credit card debt payment services, analyzing customer financial profiles to determine the best and fastest way to pay down debt and then offering eligible consumers a new line of credit at a lower interest rate to support faster repayment. To date, Tally has paid more than $1 billion in credit card debt for its members, saving them millions of dollars in interest and late fees.
Today’s announcement comes as the company reports record growth and experienced several milestones:
- Nearly tripled its Annualized Recurring Revenue (ARR) in the past year
- Saved Tally members $1.2 million in late fees in 2021 alone
- Offered a line of credit with an APR that is on average 30% lower than members’ credit card APR
- Enabled the average Tally member to get out of debt up to three years faster
- Expanded its executive ranks, including the promotion of Genessa Stout as COO, Jason Huynh as CRO, David Deitchman as VP of Ethics and Compliance and the addition of Vinh Nguyen as VP of Credit and Mark Kearns as VP of Capital Markets and Business Development
“Credit cards are designed to trap people in a cycle of debt. Our debt-free system helps consumers pay off credit cards faster, empowering them to take control of their finances and make real progress towards their financial goals,” said Jason Brown, Tally CEO and co-founder. “We are thrilled to bring Ken and his leadership and deep expertise on board and to continue changing the face of debt management for consumers across the country.”
“Before Tally I only paid the minimum that I could. Now Tally has made it to where the balances are either nothing or minimal in comparison, so I have a better handle on what additional payments can do for my finances. And the ease of making additional payments has been great as well,” said Tally user Dani J., of Lexington, SC.
Tally is a consumer tech company on a mission to make people less stressed and better off financially through automation. Founded in 2015, the company built the first automated debt manager to help people pay down credit card debt and put billions of dollars back in their pockets. Recently, Tally was named to Fast Company's 2021 Most Innovative Companies list and Forbes’ 2020 Next Billion-Dollar Startup list. Its automated debt manager was awarded Real Simple's 2020 Smart Money Award as the best app for paying down debt. Learn more: meettally.com.