Tally, a Fintech created to assist consumers in paying of their credit card debt, has shuttered its doors. In a blog post, Tally CEO Jason Brown said it was the end of Tally as they were unable to raise additional funding to keep operations going.
Founded in 2015, Tally was previously valued at over $850 million. Tally had a long list of top VC firms backing its vision, including Kleiner Perkins, Shasta Ventures, Cowboy Ventures, and a16z. The Series D financing in 2022 reported that Tally had paid over $1 billion in credit card debt for its members.
In 2021, Tally was deemed one of the top ten most innovative finance companies, as determined by Fast Company.
Brown said their vision was to “help people break free from the crushing burden of credit card debt,” describing it as a “financial coach working quietly in the background, automating payments and guiding users toward healthier financial habits.”
Brown said it was the end for Tally but “not the end of their mission.”
After nine years of operation, it must have been the failure of Tally to scale operations towards profitability. Otherwise, if big VCs saw light at the end of the tunnel, they would have ponied up once again.
It was not immediately clear what would become of Tally’s users.
