Fintech Startup Tally, Supported by Andreessen Horowitz and with $172M in Raised Funds, Closes Its Doors Due to Financial Shortfall

Tally, a fintech enterprise that was dedicated to aiding users in consolidating and repaying their credit card debts, has ceased operations, as stated by the organization itself.

Via a LinkedIn update published on Monday, Tally’s founder and CEO, Jason Brown, described the closure as a “sad and difficult” resolution, stating it deviated from the desired outcome for the business. Despite exhaustive exploration of possible avenues, they “could not secure the essential backing to preserve our activities.” As per Pitchbook, Tally’s most recent evaluation pegged it at $855 million, with a workforce of 183 individuals.

Originally, Tally’s mission targeted assisting individuals in managing their credit card usage and settling high-interest debts through a more affordable interest loan it provided. However, in April, Tally declared its intention to sunset its consumer application and move towards a B2B approach. At that juncture, it was mentioned that Tally had secured a launch partnership with a “large publicly-traded consumer entity boasting over 50 million users” set for July commencement. Nevertheless, a follow-up announcement specifying the enterprise was never issued.

TechCrunch has made an attempt to contact the company for more insights.

Established in 2015 and rooted in San Francisco, Tally succeeded in gathering $172 million in funding across its lifespan. In October 2022, it completed an $80 million Series D funding round headed by Sway Ventures. Its Series C round in 2019, which accumulated $50 million, was spearheaded by Andreessen Horowitz with contributions from notable Silicon Valley entities such as Kleiner Perkins, Shasta Ventures, Cowboy Ventures, and Sway Ventures.

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