a16z-backed fintech Tally, which raised $172M in funding, is shutting down after running out of cash
Reading Time: < 1 minutesTally, a nine-year-old fintech that helped consumers manage and pay off their credit card debt, has shut down, according to the company.
In a LinkedIn post that was shared earlier Monday, founder and CEO Jason Brown said the ‘sad and difficult’ decision to close down Tally was not the outcome the company had ‘hoped for,’ but that ‘after exploring all options,’ it was ‘unable to secure the necessary funding to continue our operations.’ According to PitchBook, Tally was last valued at $855 million and had 183 employees.
Tally’s model was initially designed to help people manage their credit cards and pay off high-interest debt through a lower interest loan that it offered. But in April, Tally announced it would be sunsetting its consumer app and shifting to B2B. At the time, the company said it had a launch partner, a ‘large publicly-traded consumer company with more than 50 million users,’ that was launching in July. However, it never followed up with an announcement naming the company.
Founded in 2015, San Francisco-based Tally had raised $172 million in funding over the years. In October of 2022, Tally raised an $80 million Series D led by Sway Ventures. Andreessen Horowitz led its $50 million Series C round in 2019, which also included participation from Silicon Valley heavy hitters such as Kleiner Perkins, Shasta Ventures, Cowboy Ventures and Sway Ventures.
Ref: techcrunch
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