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BFD Expert Voices - Private Credit

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Tally, a startup founded to help consumers pay off credit card debt, is shutting down, CEO Jason Brown announced in a LinkedIn post on Monday.

Why it matters: The shutdown comes less than six months after the company announced its plans to pivot to B2B.

Context: Tally's app provided a dashboard to help consumers pay down their credit card balances and, in some cases, offered credit lines to pay cards directly on their behalf.

Between the lines: In April, the company said it was shutting down its consumer operations and would instead begin offering its credit card repayment technology on a white-label basis to large banks and fintechs.

At the time, Brown told Axios that Tally's first B2B partner — described as "a large, publicly traded FI with 65 million customers" — would go live with its technology in June.

The company also said it had secured additional financing to support its B2B transition.

Yes, but: Since then, the company has made no announcements related to its planned partner launch, and whatever money it raised appears insufficient to fund its new direction.

"[A]fter exploring all options, we were unable to secure the necessary funding to continue our operations," Brown wrote in the LinkedIn post.

Flashback: According to PitchBook, Tally had raised $172 million in total, including an $80 million Series D round that valued it at $855 million in October 2022.

Investors included Andreessen Horowitz, Kleiner Perkins and Sway.

What they're saying: "This decision was incredibly difficult, but I'm proud of what Tally accomplished over the years," Brown wrote in an email to Axios.

"While Tally's journey is ending, the drive to help people manage their debt more effectively continues, and I'm hopeful that others will build on what we started," he added.

💭 Our thought bubble: Though fintechs increasingly see selling to banks as a more efficient way to reach consumers, it's no guarantee of success.

Credit card repayment startup Tally shuts down

The shutdown comes less than six months after the company announced a pivot to B2B.

Illustration of a hand using the Tally logo as a hammer to break the ball on a ball and chain.

Fintech

Tally, a startup founded to help consumers pay off credit card debt, is shutting down, CEO Jason Brown announced in a <a class="gtmContentClick" data-vars-link-text="LinkedIn post" data-vars-click-url="https://www.linkedin.com/posts/meettally_%3F%3F%3F%3F%3F%3F%3F%3F-%3F%3F-%3F%3F%3F%3F%3F-%3F-%3F%3F-activity-7228833643052351489-HJ0-/?utm_source=share&amp;utm_medium=member_desktop" data-vars-content-id="c787cdc6-4224-4f7d-aac3-cb8dc1bef341" data-vars-headline="Credit card repayment startup Tally shuts down" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.linkedin.com/posts/meettally_%3F%3F%3F%3F%3F%3F%3F%3F-%3F%3F-%3F%3F%3F%3F%3F-%3F-%3F%3F-activity-7228833643052351489-HJ0-/?utm_source=share&amp;utm_medium=member_desktop" target="_blank">LinkedIn post</a> on Monday.Why it matters: The shutdown comes less than six months after the company announced its plans to <a class="gtmContentClick" data-vars-link-text="pivot to B2B." data-vars-click-url="https://www.axios.com/pro/fintech-deals/2024/04/03/credit-card-repayment-tally-pivots-to-b2b" data-vars-content-id="c787cdc6-4224-4f7d-aac3-cb8dc1bef341" data-vars-headline="Credit card repayment startup Tally shuts down" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/pro/fintech-deals/2024/04/03/credit-card-repayment-tally-pivots-to-b2b" target="_self">pivot to B2B.</a>

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Credit card repayment startup Tally shuts down

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