Tally Technologies, Inc. (or simply Tally) is a San Francisco, California-based American financial services company founded by Jason Brown and Jasper Platz in 2015.[1]
The company's smartphone app helps its users pay down their credit card debt, based on an analysis of their personal financial profiles and a new line of credit it provides with a lower interest rate.[2] The app also manages credit card payments, allowing its users to avoid credit card late fees.[3]
Tally earns revenue by charging interest when a user carries a balance.[2] The company does not charge annual, balance transfer, late, prepayment or insufficient funds fees, and generates revenue only when it charges a lower APR than its users' credit cards.[4][5]
Founders and Investors
[edit]Jasper Platz and Jason Brown in San Francisco
In June 2015, Tally received $2 million in seed funding led by Aileen Lee at Cowboy Ventures,[3] with participation from Accelerate IT Ventures (AITV) and Sherpalo Ventures.
In July 2018, Tally announced it raised an additional $25 million in venture capital funding from Kleiner Perkins and existing investors Shasta Ventures, Cowboy Ventures and Sway Ventures.[9]
Tally pays its users' credit card debt with a line of credit provided by the company. The user makes one monthly minimum payment to Tally.[2] To determine eligibility, the user scans their credit cards through the app and agrees to a soft credit check.[3] The new credit line is a revolving account and is available to customers with at least a 660 FICOcredit score.[5] Tally also offers the feature of sending payments automatically, so that users can pay their bills on time.[10]
