Tally shutting down after running out of cash

Tally, a fintech startup that operated for nine years and assisted customers in managing and paying off credit card debt announced its closure.

Jason Brown, the company’s founder and CEO, stated in a LinkedIn post that while the company had “hoped for” a different outcome, it was “unable to secure the necessary funding to continue our operations” and that it was therefore “sad and difficult” to close down Tally.

PitchBook states that Tally had 183 employees and a current valuation of $855 million.

Initially, the goal of Tally’s model was to assist consumers in managing their credit card debt and eliminating high-interest debt by providing a lower interest loan.

However, Tally declared in April that it would be switching to a B2B model and retiring its consumer app.

The company announced at the time that it was launching in July with a “large publicly-traded consumer company with more than 50 million users” as its launch partner. It never did, however, issue a statement identifying the business.

Tally, a San Francisco-based company, was founded in 2015 and has raised $172 million in capital, over the years. Sway Ventures led Tally’s $80 million Series D financing round in October 2022.

Silicon Valley heavyweights Kleiner Perkins, Shasta Ventures, Cowboy Ventures, and Sway Ventures were among the investors in Andreessen Horowitz’s $50 million Series C round in 2019.