Credit card debt payoff platfom Tally is shutting down after a nine-year timeframe that saw it raise $172 million in venture funding.
The US fintech, which last raised $80 million in Series D funding in October 2022, says 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 shut down Tally. 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."
According to PitchBook, Tally was last valued at $855 million and had 183 employees.
Jason Brown, founder and CEO of Tally concludes: "While this is the end for Tally, our expectation is that it is not the end of our mission. 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."
In more bad news from the US fintech front, Score, the dating app for people with good to excellent credit, shut down in early August, the company confirmed to TechCrunch.