Credit card debt settlement platform Tally is shutting down after nine years in which it raised $172 million in venture capital.
editorial
This content has been selected, created and edited by the Finextra editorial team based on its relevance and interest to our community.
The US fintech, which last raised $80 million in a Series D funding round in October 2022, explains in a post on LinekdIn: “After nearly nine years of helping people manage and pay off their credit card debt, we have made the difficult and sad decision to close Tally. This was not the outcome we had hoped for, but after evaluating all options, we were unable to secure the necessary funds to continue our operations.”
According to PitchBook, Tally was last valued at $855 million and employed 183 people.
Jason Brown, Founder and CEO of Tally, concludes: “While this is the end for Tally, we anticipate that this is not the end of our mission. The need for financial tools that truly help people is as great as ever. I hope that what we have started with Tally will inspire others and generate new ideas and approaches to managing debt.”
More bad news from the US fintech sector: Score, the dating app for people with good to excellent credit, was closed in early August, the company confirmed to TechCrunch.
