Tally Technologies

Last updated

Tally Technologies, Inc.
Type Private
Industry Financial technology
FoundedMay 2015;6 years ago (2015-05)
FoundersJason Brown
Jasper Platz
Headquarters
San Francisco, California
,
United States
Area served
United States
Key people
Jason Brown (CEO), Jasper Platz (President)
Products Mobile application
Services Personal finance
Website meettally.com

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]

Contents

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

Jasper Platz and Jason Brown in San Francisco JasperPlatz JasonBrown.jpg
Jasper Platz and Jason Brown in San Francisco

Jason Brown and Jasper Platz, who previously founded Gen110, Inc., a solar energy company funded by Kleiner Perkins Caufield & Byers, [6] [7] started Tally in 2015. [3] Brown and Platz realized that since credit card annual percentage rates (APRs) are typically 15 to 20 percent [2] and late fees are common, [8] there was an opportunity to make credit cards "less expensive and easier to manage."

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 May 2016, the company secured a $15 million Series A round led by Sean Flynn at Shasta Ventures, with participation from existing investors, as well as Silicon Valley Bank (Nasdaq :  SIVB). [4]

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]

Features

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 FICO credit score. [5] Tally also offers the feature of sending payments automatically, so that users can pay their bills on time. [10]

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References

  1. ↑ "Tally Raises $25 Million Series B Led By Kleiner Perkins". www.prnewswire.com. Retrieved August 9, 2018.
  2. 1 2 3 4 Lieber, Ron (May 19, 2016). "A Service to Pay Off High-Interest Credit Cards, but a Bad Time to Start". New York Times. Retrieved May 22, 2016.
  3. 1 2 3 4 Abbruzzese, Jason (May 29, 2016). "A new app wants to help you beat the credit card companies". Mashable. Mashable. Retrieved May 31, 2016.
  4. 1 2 Hall, Gina (May 20, 2016). "Credit card manager Tally raises $15M to cut consumer debt". Silicon Valley Business Journal. Retrieved May 31, 2016.
  5. 1 2 Krasny, Jill (May 25, 2016). "A Simple Way to Pay Off Your Most Expensive Credit Card Debt". Credit.com. Credit.com. Retrieved May 31, 2016.
  6. ↑ Kleiner Perkins Caufield & Byers. "Gen110". KPCB. Retrieved May 31, 2016.
  7. ↑ Mitroff, Sarah (May 17, 2012). "Gen110 grabs funding from Kleiner Perkins Caufield & Byers". Venture Beat. Venture Beat. Retrieved May 31, 2016.
  8. ↑ "The Consumer Credit Card Market" (PDF). CFPB. CFPB. December 2015. Retrieved May 31, 2016.
  9. ↑ "Credit Card Payoff App Tally Raises $25 Million". Cheddar. Retrieved August 9, 2018.
  10. ↑ Elkins, Kathleen (August 28, 2018). "This app wants to make your credit cards cheaper so you can pay off debt faster". CNBC. Retrieved August 22, 2019.
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