Tally, a fintech startup known for helping people diligently pay down their credit card debt, announced the release of its white labeled credit card debt management software, a B2B offering that scales Tally’s mission to give consumers a better path to debt management. Tally’s first partner, a large publicly-traded consumer company with more than 50 million users, is slated to launch Tally’s software to its users in July 2024. Tally raised additional capital from existing investors to develop its B2B offering and to date, has raised over $200 million to build and scale the platform.
Tally now offers financial institutions unique ways to deepen relationships with their customers while empowering users to improve their finances. Financial institutions can embed Tally’s software, giving their consumers the ability to pay, view, and manage credit cards from within the partner’s platform. There, consumers may also qualify for a line of credit with a lower APR that will save the consumer hundreds of dollars in interest on existing credit card debt. Unlike any other credit card debt management tools available today, Tally’s software smartly facilitates money movement, directly paying the consumer’s credit cards on their behalf.
With U.S. credit card debt at a record high, exceeding $1 trillion in 2023, the crisis continues to worsen due to inflation and sharp increases in interest rates causing consumers to carry balances that rapidly accrue interest from month to month. In November 2023, 49% of cardholders fell into this “debt revolver” category, up from 39% in 2021.
“Tally’s solution is one of few on the market that actually addresses the credit crisis,” said Jason Brown, CEO and founder of Tally. “We started the company going straight to the people who needed it most. But what we’ve discovered — and as market dynamics have gotten even more challenging — is that our overall impact can be much greater if we enable partners to leverage our technology. We are uniquely positioned to scale our offering to partners, and we’re excited to offer all of the advantages of Tally to their customers to best deliver on our mission.”
Tally offers a three-tiered approach designed to meet consumers’ needs at all stages of their debt journey: Guide, Robot, and Line of Credit. Guide provides Tally’s signature Total Debt Visualization, Bill Calendar and Card Manager; Robot provides structured Payoff Plans, intelligent autopay services; and Line of Credit, which directly pays consumers’ cards on their behalf, while providing interest savings and bill management payments.
With the launch of Tally’s credit card debt management platform, Tally will sunset its direct-to-consumer loan portfolio; the Tally Line of Credit will now be offered through its partner network. Current Line of Credit users will be encouraged to access this product through one of Tally’s partners, but may continue to directly use the company’s suite of debt management tools within the Tally App.
Tally was founded in 2015 with a mission to make people less stressed and better off financially. The company developed a novel solution to help consumers view, manage, and pay down their credit card debt, and has helped pay down more than $2B debt for consumers to date. The company is backed by Kleiner Perkins, Andreessen Horowitz, Shasta Ventures, Sway and Cowboy Ventures.
“Tally’s B2B go-to-market approach will enable Tally to help even more consumers with their debt while assisting their financial partners to better engage and retain their customers,” said Angela Strange, General Partner at Andreessen Horowitz. “We’re proud to continue our critical work together as Tally partners with financial institutions to help solve the growing credit card debt crisis.”
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