Tally, a U.S.-based financial automation company, announced on Tuesday it secured $50 million through its Series C funding round, which was led by Andreessen Horowitz (a16z). The funding round brought the total amount invested into the company to $92 million. Previous investors Kleiner Perkins, Shasta Ventures, Cowboy Ventures, and Sway Ventures also participated.
Founded in 2015, Tally describes itself as an app that helps users overcome credit card debt. To do this, the app helps save users money and time by determining the “smartest and fastest” way to pay down their debt, then takes action on their behalf.
“Tally helps separate the burden of credit cards from the benefits, enabling people to use credit cards for their convenience and rewards without the stress of managing multiple payments or accruing unnecessary fees. Tally’s vision is to automate consumers’ whole financial lives, starting with America’s $1 trillion credit card debt.”
While sharing more details about the company and investment round, Jason Brown, Tally CEO and Co-Founder, stated:
“Tally’s end goal is to automate people’s entire financial lives. We are excited to get the backing of a16z to provide a service that makes optimum financial decisions for people based on their objectives — and then actually takes action on their behalf to see those goals through. We believe this is the future, and we are excited to deliver this new and improved approach.”
Angela Strange, General Partner at a16z, went on to add:
“We take automation for granted in so many areas of our lives, but automation has been slow to come to financial services. Too many Americans are drowning in credit card debt, in large part because the system is too complex — by design. Tally has built trust with consumers as their automated debt manager, a first but significant step towards providing that full financial roadmap, and putting billions back in consumers’ pockets. We are thrilled to be partnering with the Tally team.”