Automated debt management app Tally raises $25m

Automated debt management app Tally raises $25m

Tally, an automated credit card debt management app, has raised $25 million in a Series B funding round led by Silicon Valley VC Kleiner Perkins.

Previous investors Shasta Ventures, Cowboy Ventures and Sway Ventures also participated in the round, the proceeds of which will be used to scale the business.

Founded in 2015, Tally analyses users' financial profiles to determine the smartest and fastest way to pay down their credit card debt. The app saves people money in two ways: by giving them a line of credit with a lower interest rate and by helping them manage their payments.

Since officially launching last October, the startup says it has already saved users millions of dollars and is planning on expanding, with the introduction this week of a robo advisor.

Mamoon Hamid, general partner at Kleiner, who joins Tally's board, says: "They [Tally] have built a layer of technology around a very common pain point for people — paying your credit card debt — and have turned it into a helpful, seamless service."

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