Tally Technologies, Inc. (or simply Tally) is a

San Francisco San Francisco (; Spanish language, Spanish for "Francis of Assisi, Saint Francis"), officially the City and County of San Francisco, is the commercial, financial, and cultural center of Northern California. The city proper is the List of Ca ...

, California-based American

financial services Financial services are the Service (economics), economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, acco ...

company founded by Jason Brown and Jasper Platz in 2015. The company's

smartphone A smartphone is a portable computer device that combines mobile telephone and computing functions into one unit. They are distinguished from feature phones by their stronger hardware capabilities and extensive mobile operating systems, whic ...

app helps its users pay down their

credit card A credit card is a payment card issued to users (cardholders) to enable the cardholder to pay a merchant for goods and services based on the cardholder's accrued debt (i.e., promise to the card issuer to pay them for the amounts plus the o ...

debt, based on an analysis of their personal financial profiles and a new line of credit it provides with a lower interest rate. The app also manages credit card payments, allowing its users to avoid credit card late fees. Tally earns revenue by charging interest when a user carries a balance. The company does not charge annual, balance transfer, late, prepayment or insufficient funds fees, and generates revenue only when it charges a lower APR than its users' credit cards.

Founders and Investors

Jason Brown and Jasper Platz, who previously founded Gen110, Inc., a

solar energy Solar energy is radiant light and heat from the Sun that is harnessed using a range of technologies such as solar power to generate electricity, solar thermal energy (including solar water heating), and solar architecture. It is an essenti ...

company funded by

Kleiner Perkins Caufield & Byers Kleiner Perkins, formerly Kleiner Perkins Caufield & Byers (KPCB), is an American venture capital firm which specializes in investing in incubation, early stage and growth companies. Since its founding in 1972, the firm has backed entrepreneurs ...

, started Tally in 2015. Brown and Platz realized that since credit card

annual percentage rate The term annual percentage rate of charge (APR), corresponding sometimes to a nominal APR and sometimes to an effective APR (EAPR), is the interest rate for a whole year (annualized), rather than just a monthly fee/rate, as applied on a loan, mort ...

s (APRs) are typically 15 to 20 percent and

late fee A late fee, also known as an ''overdue fine'', ''late fine'', or ''past due fee'', is a charge fined against a client by a company or organization for not paying a bill or returning a rented or borrowed item by its due date. Its use is most commonl ...

s are common, there was an opportunity to make credit cards "less expensive and easier to manage." In June 2015, Tally received $2 million in

seed funding Seed money, sometimes known as seed funding or seed capital, is a form of securities offering in which an investor invests capital in a startup company in exchange for an equity stake or convertible note stake in the company. The term ''seed'' su ...

led by

Aileen Lee Aileen Lee (born 1970) is a U.S. venture capital angel investor and co-founder of Cowboy Ventures. Lee coined the often-used Silicon Valley term Unicorn (finance), unicorn in a ''TechCrunch'' article "Welcome To The Unicorn Club: Learning from B ...

at Cowboy Ventures, with participation from Accelerate IT Ventures (AITV) and Sherpalo Ventures. In May 2016, the company secured a $15 million

Series A round A series A round (also known as series A financing or series A investment) is the name typically given to a company's first significant round of venture capital financing. The name refers to the class of preferred stock sold to investors in exchan ...

led by Sean Flynn at

Shasta Ventures Shasta Ventures is an early-stage venture capital investment firm located in Silicon Valley that invests in enterprise and technology consumer startups. It is located on Sand Hill Road in Menlo Park. Funds Shasta's second fund of US$250 milli ...

, with participation from existing investors, as well as

Silicon Valley Bank Silicon Valley Bank is an American commercial bank. SVB is on the list of largest banks in the United States, and is the biggest bank in Silicon Valley based on local deposits. It is a subsidiary of SVB Financial Group. History Silicon Valley Ba ...

(). In July 2018, Tally announced it raised an additional $25 million in

venture capital Venture capital (often abbreviated as VC) is a form of private equity financing that is provided by venture capital firms or funds to startups, early-stage, and emerging companies that have been deemed to have high growth potential or which ha ...

funding from Kleiner Perkins and existing investors Shasta Ventures, Cowboy Ventures and Sway Ventures.

Features

Tally pays its users' credit card debt with a

line of credit A line of credit is a credit facility extended by a bank or other financial institution to a government, business or individual customer that enables the customer to draw on the facility when the customer needs funds. A line of credit takes se ...

provided by the company. The user makes one monthly minimum payment to Tally. To determine eligibility, the user scans their credit cards through the app and agrees to a soft credit check. The new credit line is a

revolving account A credit card is a payment card issued to users (cardholders) to enable the cardholder to pay a merchant for goods and services based on the cardholder's accrued debt (i.e., promise to the card issuer to pay them for the amounts plus the ot ...

and is available to customers with at least a 660

FICO FICO (legal name: Fair Isaac Corporation), originally Fair, Isaac and Company, is a data analytics company based in Bozeman, Montana, focused on credit scoring services. It was founded by Bill Fair and Earl Isaac in 1956. Its FICO score, a me ...

credit score A credit score is a numerical expression based on a level analysis of a person's credit files, to represent the creditworthiness of an individual. A credit score is primarily based on a credit report, information typically sourced from credit bu ...

. Tally also offers the feature of sending payments automatically, so that users can pay their bills on time.

References

{{reflist

External links

Official Website
Companies based in San Francisco Financial services companies of the United States Privately held companies of the United States 2015 establishments in California Financial services companies established in 2015 American companies established in 2015