Scoringa nine-year-old fintech company that helped consumers manage and pay off credit card debt has closed, according to the company.
In a LinkedIn post which was shared earlier Monday, founder and CEO Jason Brown said the “sad and difficult” decision to close Tally was not the outcome the company had “hoped for,” but that “after exploring all options,” she was “unable to obtain the financing necessary 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 with a lower-interest loan it offered. But in April, Tally announced that it would end its consumer app and move to B2B. At the time, the company said it had a launch partner, a “large, publicly traded consumer company with over 50 million users,” launching in July. However, this never resulted in an announcement naming the company.
TechCrunch has contacted the company for more details.
Founded in 2015, San Francisco-based Tally has raised $172 million in funding over the years. In October 2022, Tally raised an $80 million Series D led by Sway Ventures. Andreessen Horowitz led his $50 million Series C round in 2019, which also included the participation of Silicon Valley heavyweights such as Kleiner Perkins, Shasta Ventures, Cowboy Businesses And Swinging Companies.
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