Tally, a financial automation company, has raised $80m in Series D funding led by Sway Ventures.
The round also saw participation from rom Menora Mivtachim. Previous investors Kleiner Perkins, Andreessen Horowitz, Shasta Ventures and Cowboy Ventures also took part.
Alongside the funding, Tally announced that Ken Denman, a veteran customer-centric technology leader, has joined Tally’s board of directors.
Tally offers automated credit card debt payment services. The company analyses customer financial profiles to determine the best and fastest way to pay down debt, and then offers eligible consumers a new line of credit at a lower interest rate to support faster repayment.
To date, Tally has paid more than $1bn in credit card debt for its members, saving them millions of dollars in interest and late fees.
Tally said it will use the funding to continue to grow the business and further expand its automated debt pay-down system, with the mission of helping members get out of credit card debt, reducing the time and stress it takes people to reach their financial goals.
Jason Brown, Tally CEO and co-founder, said, “Credit cards are designed to trap people in a cycle of debt. Our debt-free system helps consumers pay off credit cards faster, empowering them to take control of their finances and make real progress towards their financial goals. We are thrilled to bring Ken and his leadership and deep expertise on board and to continue changing the face of debt management for consumers across the country.”
Denman, general partner at Sway Ventures, added, “Tally is a true industry innovator for its distinctive use of technology to help more consumers get out of debt, and we look forward to partnering with the Tally team to help expand their product offerings and reach, particularly during a time when credit card balances are nearing all-time high.”
Voluntary benefits platform ZayZoon recently raised $25.5m in a mixture of debt and equity. Its flagship product Wages On-Demand gives employees access to wages that they have earned but would normally have had to wait until payday to receive
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