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San Francisco financial technology company Tally, which specialized in helping clients manage and pay off credit card debt, has ceased operations after depleting its funds.
“This was not the outcome we had hoped for, but after exploring all options, we were unable to secure the necessary funding to continue our operations,” founder and CEO Jason Brown announced in a LinkedIn post on Monday, calling the decision “sad and difficult.”
Founded in 2015, Tally aimed to assist people in managing credit cards and reducing high-interest debt through lower-interest loans. The company, valued at $855 million by PitchBook, had 183 employees.
“Over the past nine years, we’ve had the privilege of helping countless individuals manage and pay billions of dollars of debt, alleviating stress and empowering them to regain control of their financial futures,” Brown wrote. “We’ve celebrated the successes of our users as if they were our own, and we’ve taken every opportunity to innovate based on their needs.”
In April, Tally pivoted abruptly, discontinuing its consumer app to focus on B2B services. The company claimed to have partnered with a “large publicly traded consumer company with more than 50 million users,” but never disclosed the partner’s name, according to TechCrunch, the first to report on the closure.
“While this is the end for Tally, our expectation is that it is not the end of our mission,” Brown wrote. “The need for financial tools that truly help people is as critical as ever. I hope that what we started with Tally will inspire others and influence new ideas and approaches to managing debt.”
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