Tally, a fintech company backed by a16z and having raised $172 million in funding, is ceasing operations due to a depletion of cash resources
Tally, a nine-year-old fintech company that facilitated the management and repayment of credit card debt for consumers, has recently been closed, according to the company.
Jason Brown, the founder and CEO of Tally, addressed the “sad and difficult” decision to close the company in a LinkedIn post shared earlier Monday.
He stated that the company had “hoped for” a different outcome but was “unable to secure the necessary funding to continue our operations” after exploring all options. Tally had 183 employees and was last valued at $855 million, according to PitchBook.
Initially, Tally’s model was intended to assist individuals in managing their credit cards and paying off high-interest debt by providing a lower-interest loan.
However, in April, Tally declared it would discontinue its consumer app and transition to B2B.
The company announced at the time that it had a launch partner, a “large publicly-traded consumer company with more than 50 million users,” that was set to launch in July. Nevertheless, it failed to issue an announcement that identified the organization.
TechCrunch has contacted the company for additional information.
Established in 2015, Tally, a San Francisco-based company, has amassed $172 million in funding. Tally secured a $80 million Series D in October 2022, which Sway Ventures led.
Kleiner Perkins, Shasta Ventures, Cowboy Ventures, and Sway Ventures were among the Silicon Valley heavyweights participating in Andreessen Horowitz’s $50 million Series C round in 2019.