- Financial automation company Tally announced it raised $50 million in Series C funding led by Andreessen Horowitz (a16z)
- This company makes it easier for users to manage and pay off their credit card debt
Financial automation company Tally announced it raised $50 million in Series C funding led by Andreessen Horowitz (a16z). Including this round, Tally raised $92 million total. Previous investors Kleiner Perkins, Shasta Ventures, Cowboy Ventures, and Sway Ventures also joined this round. The funding round will be used for growing the business and building out a completely automated consumer finance platform that will reduce the time and stress it takes people to reach their financial goals. In conjunction with this funding round, a16z general partner Angela Strange is joining Tally’s board of directors.
“Tally’s end goal is to automate people’s entire financial lives,” said Tally CEO and co-founder Jason Brown. “We are excited to get the backing of a16z to provide a service that makes optimum financial decisions for people based on their objectives — and then actually takes action on their behalf to see those goals through. We believe this is the future, and we are excited to deliver this new and improved approach.”
Tally launched in 2015 with a goal of making people less stressed and improving their financial health. And the company started off by building the first and only automated debt manager to help people overcome credit card debt. So far, Tally has saved people millions of dollars in interest and late fees. And last month, Tally launched a completely free automated savings service called Tally Save, which rewards good financial habits and helps people save more effectively.
Here is a video that explains how it works:
“We take automation for granted in so many areas of our lives, but automation has been slow to come to financial services,” added Strange. “Too many Americans are drowning in credit card debt, in large part because the system is too complex — by design. Tally has built trust with consumers as their automated debt manager, a first but significant step towards providing that full financial roadmap, and putting billions back in consumers’ pockets. We are thrilled to be partnering with the Tally team.”