Tally raises $80 million

Tally, a consumer tech company offering a solution around credit card debt, has raised $80 million in Series D funding led by Sway Ventures, with participation from Israeli insurer Menora Mivtachim. Previous investors Kleiner Perkins, Andreessen Horowitz, Shasta Ventures and Cowboy Ventures also took part in this round.

Founded in 2015, Tally’s solution determines the ideal amount and timing of payments on customers’ credit cards, with the overall goal of minimizing the time to full repayment. The company can also offer eligible consumers a new line of credit at a lower interest rate to support faster repayment and to date, Tally members have paid more than $1 billion in credit card debt, saving “millions of dollars in interest and late fees.”

“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 highs.” – Ken Denman, a member of Tally’s board of directors.

“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.” – Jason Brown, Tally CEO and co-founder.