 Tally’s logo as of May 2016 | |
| Company type | Private |
|---|---|
| Industry | Financial technology |
| Founded | May 2015 |
| Founders | Jason Brown Jasper Platz |
| Headquarters | , |
Area served | United States |
Key people | Jason Brown ( CEO), Jasper Platz (President) |
| Products | Mobile application |
| Services | Personal finance |
| Website |
meettally |
Tally Technologies, Inc. (or simply Tally) is a San Francisco, California-based American financial services company founded by Jason Brown and Jasper Platz in 2015. [1]
The company's smartphone app helps its users pay down their credit card debt, based on an analysis of their personal financial profiles and a new line of credit it provides with a lower interest rate. [2] The app also manages credit card payments, allowing its users to avoid credit card late fees. [3]
Tally earns revenue by charging interest when a user carries a balance. [2] The company does not charge annual, balance transfer, late, prepayment or insufficient funds fees, and generates revenue only when it charges a lower APR than its users' credit cards. [4] [5]
Founders and Investors
Jason Brown and Jasper Platz, who previously founded Gen110, Inc., a solar energy company funded by Kleiner Perkins Caufield & Byers, [6] [7] started Tally in 2015. [3] Brown and Platz realized that since credit card annual percentage rates (APRs) are typically 15 to 20 percent [2] and late fees are common, [8] there was an opportunity to make credit cards "less expensive and easier to manage."
In June 2015, Tally received $2 million in seed funding led by Aileen Lee at Cowboy Ventures, [3] with participation from Accelerate IT Ventures (AITV) and Sherpalo Ventures.
In May 2016, the company secured a $15 million Series A round led by Sean Flynn at Shasta Ventures, with participation from existing investors, as well as Silicon Valley Bank ( Nasdaq: SIVB). [4]
In July 2018, Tally announced it raised an additional $25 million in venture capital funding from Kleiner Perkins and existing investors Shasta Ventures, Cowboy Ventures and Sway Ventures. [9]
Features
Tally pays its users' credit card debt with a line of credit provided by the company. The user makes one monthly minimum payment to Tally. [2] To determine eligibility, the user scans their credit cards through the app and agrees to a soft credit check. [3] The new credit line is a revolving account and is available to customers with at least a 660 FICO credit score. [5] Tally also offers the feature of sending payments automatically, so that users can pay their bills on time. [10]
References
- ^ "Tally Raises $25 Million Series B Led By Kleiner Perkins". www.prnewswire.com (Press release). Retrieved August 9, 2018.
- ^ a b c d Lieber, Ron (May 19, 2016). "A Service to Pay Off High-Interest Credit Cards, but a Bad Time to Start". New York Times. Retrieved May 22, 2016.
- ^ a b c d Abbruzzese, Jason (May 29, 2016). "A new app wants to help you beat the credit card companies". Mashable. Mashable. Retrieved May 31, 2016.
- ^ a b Hall, Gina (May 20, 2016). "Credit card manager Tally raises $15M to cut consumer debt". Silicon Valley Business Journal. Retrieved May 31, 2016.
- ^ a b Krasny, Jill (May 25, 2016). "A Simple Way to Pay Off Your Most Expensive Credit Card Debt". Credit.com. Credit.com. Retrieved May 31, 2016.
- ^ Kleiner Perkins Caufield & Byers. "Gen110". KPCB. Retrieved May 31, 2016.
- ^ Mitroff, Sarah (May 17, 2012). "Gen110 grabs funding from Kleiner Perkins Caufield & Byers". Venture Beat. Venture Beat. Retrieved May 31, 2016.
- ^ "The Consumer Credit Card Market" (PDF). CFPB. CFPB. December 2015. Retrieved May 31, 2016.
- ^ "Credit Card Payoff App Tally Raises $25 Million". Cheddar. Retrieved August 9, 2018.
- ^ Elkins, Kathleen (August 28, 2018). "This app wants to make your credit cards cheaper so you can pay off debt faster". CNBC. Retrieved August 22, 2019.