a16z-backed Tally closes doors after burning through $172M in funding.
Tally, a San Francisco-based fintech that aimed to help consumers manage and pay off their credit card debt, has shut down after nearly a decade in operation. The company, founded in 2015, had raised $172 million in funding and was last valued at $855 million. However, despite its promising start, Tally was unable to secure additional funding to continue operations.
The company’s model was centered on offering consumers lower interest loans to help pay off high-interest credit card debt. Earlier this year, Tally announced it would transition from a consumer-focused app to a B2B model, partnering with a large publicly traded company. However, this shift did not materialize as expected.
In a LinkedIn post, Tally’s founder and CEO, Jason Brown, expressed deep regret over the decision to close, stating that after exploring all options, they could not find the necessary funding to keep the company afloat. The shutdown marks the end of Tally’s journey, which had been backed by prominent investors like Andreessen Horowitz, Kleiner Perkins, and Shasta Ventures.
The company had 183 employees at the time of its closure. TechCrunch has reached out to Tally for further details on the shutdown and the fate of its employees and partners
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