Tally Fintech Shuts Down After Nine Years

Tally, a San Francisco-based fintech startup that helped consumers manage and pay off credit card debt, has shut down due to an inability to secure necessary funding. Despite raising $172 million over nine years and being valued at $855 million, the company faced financial downturns and market conditions that impeded further investment. The company's pivot in April 2023 from a consumer app to a B2B model also failed to secure sufficient partnership and financing. Disgruntled customers reported that Tally stopped making promised payments to their credit cards, exacerbating their financial burdens. CEO Jason Brown expressed sadness over the closure, acknowledging the company's efforts and impact over the years. The shutdown highlights the current challenges in the fintech sector, where venture funding has significantly slowed.