Automated debt management app will use the funds to help more Americans overcome credit card debt
Scoop: Credit card payments app @meettally has closed a $25 million Series B funding round led by @kpcb.— Cheddar (@cheddar) July 24, 2018
CEO Jason Brown joins @TMacheel on #CheddarLIVE to explain how Tally's "automated debt management" model works to save customers money and improve their credit. pic.twitter.com/DuZk1Pdmz9
Tally, the first automated debt manager, today announced it has received $25 million in Series B funding led by Kleiner Perkins. Previous investors Shasta Ventures, Cowboy Ventures and Sway Ventures also participated. The funding will be used to scale the business and allow Tally to help even more Americans eliminate their credit card debt, as well as the anxiety that comes with it. Mamoon Hamid, general partner at Kleiner, will join Tally's board of directors.
Founded in 2015, Tally analyzes users' financial profiles to determine the smartest and fastest way to pay down a consumer's credit card debt, then takes action based on this information. Tally saves people money in two ways: by giving them a line of credit with a lower interest rate and by helping them manage their payments, ensuring cards are always paid on time. The app enables consumers to use credit cards for their convenience and rewards without worrying about late fees and other penalties.
Since officially launching its app in October 2017, Tally has saved users millions of dollars in interest and has the opportunity to save Americans billions more. The company has its own underwriting and financing models, which allow it to pass on savings not typically available to consumers.