SAN FRANCISCO, July 25, 2018 /PRNewswire/ -- 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.
"The team at Tally is on a mission to tackle the highly complex issue of consumer debt in America," said Hamid. "They have built a layer of technology around a very common pain point for people — paying your credit card debt — and have turned it into a helpful, seamless service. We're thrilled to partner with Tally to help grow their product and reach."
"Credit card debt is a huge source of stress for over half of American households — it's the most widespread financial issue in the country with nearly half of Americans contributing to the $1 trillion record-high debt load," said Jason Brown, Tally CEO and co-founder. "We are excited to get the backing of the Kleiner team to improve the quality of life for the huge population of people worrying day in and day out about managing and trying to reduce their debt."
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.
Tally is an app that helps people overcome credit card debt. Founded in 2015, it is the first automated debt manager. Tally helps save its users money and time by determining the smartest and fastest way to pay down their debt, then takes action on their behalf. Tally helps separate the burden of credit cards from the benefits, enabling people to use credit cards for their convenience and rewards without the stress of managing multiple payments or accruing unnecessary fees. Tally's vision is to automate consumers' whole financial lives, starting with America's $1 trillion credit card debt.
Sign up for Tally for by downloading the app on iOS or Android.
About Kleiner Perkins
For five decades, Kleiner Perkins has made history by partnering with some of the most ingenious and forward-thinking founders in technology and life sciences. Through 20 venture funds and four growth funds, Kleiner Perkins has invested $10 billion in hundreds of companies including pioneers such as Amazon, Genentech and Google. Today, Kleiner Perkins continues to help founders and their bold ideas make history investing in companies like Desktop Metal, Carbon Black, Ring, Spotify, Slack and Docusign.
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