SAN FRANCISCO, May 19, 2016 /PRNewswire/ -- Tally, a financial technology company that provides a credit card management app, announced today that it has secured a $15 million Series A round led by Shasta Ventures, bringing its total raise to $17 million. This round includes existing investors AITV, Silicon Valley Bank, and seed round leader Cowboy Ventures. Shasta's Managing Director, Sean Flynn, will join Cowboy's Aileen Lee on Tally's board of directors. Tally will use the funds to expand its team, build new features, and help millions of Americans save money on their credit cards.
Tally helps consumers manage and optimize how they pay their credit cards. After downloading Tally's free mobile app, users add their credit cards to their account. Tally determines if they're being overcharged on their APR and if they're eligible for a lower APR using a Tally Credit Line. Tally then uses that credit line to pay the user's cards each month. The app keeps track of all their balances and due dates so users always pay the optimal amount on-time. As a result, users are protected from inflated APRs and avoid late fees. Tally payments are also optimized to avoid obscure penalties and take advantage of perks like grace periods.
"Credit cards are designed to make money off us," said Jason Brown, Tally co-founder and CEO. "Banks bundle attractive rewards with high APRs and fees, then spend millions selling us on the positives. Tally unbundles the credit card so you get all the rewards without the added costs."
According to research from the CFPB, the average retail APR for Americans with good credit exceeds 18%—which is 10-50% higher than it should be. Each year, households pay up to $1,000 in avoidable fees and high interest rates. Tally makes it easy for everyday consumers to prevent these unnecessary charges.
"Tally's technology is the first of its kind and gives consumers the credit card experience they deserve," said Sean Flynn, General Partner at Shasta Ventures. "Instead of worrying about fees or getting overcharged on their APRs, consumers can use their credit cards with confidence, thanks to Tally."
"The Tally app is beautifully designed," said Aileen Lee, Founder of Cowboy Ventures. "It's so easy to use and takes all the hassle out of managing your credit cards."
Tally is currently in private beta. Visit meettally.com to request access.
Tally was founded in 2015 by a team of credit experts, engineers, and designers who believe in a better credit card experience for consumers. Tally is the first app to unbundle the credit card, putting power back into the hands of consumers. With Tally, consumers can use their credit cards without the unfair APRs, costly fees, and hassle of managing multiple cards. For more information, visit meettally.com.