- Tally, a fintech startup, shuts down after raising $172 million.
- The company failed to secure additional funding despite pivoting to B2B.
- Tally’s closure impacts 183 employees and disappointed high-profile investors.
Tally, a fintech startup focused on helping consumers manage credit card debt, has announced its closure after a nine-year run.
Pivoting to no avail
Founded in 2015, the San Francisco-based company raised an impressive $172 million in funding but ultimately ran out of cash.
CEO Jason Brown shared the news on LinkedIn, expressing disappointment in the outcome despite exploring all available options.
Earlier this year, Tally attempted to pivot from its consumer-focused app to a B2B model. Tally hinted at a partnership a large public company boasting 50 million users, set to launch in July.
However, no further announcements were made regarding this collaboration.
Big backers, bigger expectations
Tally’s journey was supported by notable investors, including Andreessen Horowitz, Kleiner Perkins, and Shasta Ventures.
The company’s last funding round in October 2022 raised $80 million, led by Sway Ventures. Despite its hefty $855 million valuation and 183 employees, Tally couldn’t secure the necessary funds to continue operations.
