Personal finance platform Tally has collected $50m in a Series C round, bringing its total equity raised to $92m.
US-based venture capital firm Andreessen Horowitz led the investment, with participation also coming from previous Tally backers such as Kleiner Perkins, Shasta Ventures, Cowboy Ventures and Sway Ventures.
This capital infusion will be used to grow the business and deepen its automated consumer finance platform which lowers the time and stress in meeting financial goals.
Founded in 2015, the company started up as an automated debt manager and has helped people save millions of dollars in interest and late fees, it states. A user simply scans their cards onto the mobile app and Tally will give you a line of credit and help them manage payments.
The aim is to pay credit cards down in a smarter way by ‘making the right payment to the right card at the right time.’
a16z general partner Angela Strange said, “We take automation for granted in so many areas of our lives, but automation has been slow to come to financial services.
“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.”
As part of the funding round, a16z general partner Angela Strange will join Tally’s board of directors.
Earlier in the year, the WealthTech startup released its free automated savings services Tally Save, rewarding good financial habits and helping people save.
Tally’s former funding round closed last year on $25m, culminating in investments from Kleiner Perkins, Shasta Ventures, Cowboy Ventures and Sway Ventures.
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